Bitcoin Price Plunges Amid Institutional Exits and Fed Fears

The Bitcoin price has taken a significant hit, sliding to $77,298, a decline of 1.20% from yesterday's value.

This drop closely mirrors the overall crypto market's 1.38% decrease, driven by institutional investors pulling out of U.S. spot Bitcoin ETFs and growing concerns about a potential Federal Reserve rate hike.

A whopping $120.24 million in net outflows was seen from these regulated vehicles on September 9, marking two consecutive days of redemptions after three weeks of inflows.

This reduction in buying pressure is compounded by the fact that some institutional investors are taking profits or rotating capital following Bitcoin's recent rally above $80,000.