Bitcoin ETFs Suffer $463 Million Outflows as Fed Meeting Looms

Bitcoin exchange-traded funds (ETFs) recorded their first weekly outflows since mid-August, withdrawing $462.7 million over four trading sessions.

The outflow streak is not yet long enough to establish a lasting reversal in demand, according to Ecoinometrics, a Bitcoin-focused research platform.

The concern is that sustained redemptions from spot ETFs would remove some of the buying pressure that helped Bitcoin establish its latest trading range above $75,000.

Ahead of this week's Federal Reserve meeting, higher Treasury yields are making it increasingly difficult for Bitcoin to hold above $75,000 as they raise the opportunity cost of holding the cryptocurrency, which generates no yield on its own.