Bitcoin Rangebound as Rate Hike Odds Plummet

Bitcoin continues to trade in a narrow range, with October rate hike odds plummeting to 30%. The cryptocurrency's price action has been lackluster, with no clear direction or momentum. Despite this, some experts are optimistic about Bitcoin's prospects for the remainder of the year.

According to Coinglass data, 70,853 traders were liquidated in the past 24 hours for $193.49 million. This is a significant amount of capital being pulled out of the market, which could potentially weigh on Bitcoin's price. However, some analysts believe that this is a normal part of the market cycle.

SoSoValue data shows net outflows of $148.7 million from spot Bitcoin ETFs on Wednesday, while spot Ethereum ETFs saw net outflows of $59.6 million. This suggests that investors are taking profits and rotating into other assets. However, some experts believe that this could be a buying opportunity for Bitcoin.

Analyst Benjamin Cowen notes that Bitcoin has often performed relatively well when long-term Treasury yields rise. He believes that this could be an unusual relationship, and that it could indicate a strong year-end rally for Bitcoin.