Bitcoin Absorbs Rate Hike and Clarity Bill Setback

Market maker Wintermute's weekly report suggests that Bitcoin (BTC) was able to quickly absorb two negative factors that hit the market in September. The first was a 0.25 percentage point increase in the U.S. Federal Reserve's benchmark rate, which some analysts had expected to be more dovish. However, Wintermute assessed the move as somewhat hawkish but still favorable for growth assets.

The second negative factor was the failure of the Clarity bill, which was voted down by the Senate on September 15. Despite this setback, Bitcoin briefly slipped below $76,000 before rebounding within a day after the rate decision.

Wintermute's analysis also looked at fund flows and changes in options positioning to assess whether the rise was more than a simple short squeeze. The report noted that U.S. spot Bitcoin ETFs saw net outflows of around $6 million over a five-trading-day period, but most of these outflows were made up within 48 hours.

Technically, Bitcoin also cleared a key level, regaining its 50-week moving average for the first time since early November 2025. Wintermute saw this as a signal confirming that the June low is holding.