Bitcoin ETF Exits Spark Sell-Off Ahead of Fed Decision
The US spot Bitcoin ETFs recorded a significant net outflow of $450 million on September 15, erasing a previous inflow of $159 million and contributing to a six-session net withdrawal of $753 million since September 8. This reversal occurred as the price of Bitcoin traded near $75,900.
The market is now vulnerable to amplified moves ahead of the Federal Reserve's decision, with aggressive sell-side pressure evident on centralized exchanges. Glassnode's data shows spot cumulative volume delta at negative $142 million and perpetual delta at negative $605 million, indicating that sellers are dominating activity in both spot and derivatives markets.
Leverage remains elevated despite this pressure, with futures open interest at $36 billion and funding payments at $1.4 million. This leaves more positioning available to amplify the next move, while normal funding suggests an already extreme long-side imbalance may not be a concern.