Bitcoin Slides to $76K as Spot ETF Flows Turn Negative Ahead of Fed Decision
Bitcoin's recent rally has come to an abrupt halt as its spot ETF flows turned negative for the first time in three weeks, causing the price to slide to $76,000. This development puts the key support level of $76,000 under focus ahead of the Fed decision. Over the past three weeks, Bitcoin had benefited from a significant source of demand through its spot ETFs, which recorded $463 million in weekly outflows.
This reversal adds another risk to Bitcoin's price movement, according to Wintermute Research, as it lost $3,500 without the institutional ETF demand that supported its recent rally. As a result, Wintermute has shifted its crypto outlook to 'neutral' from 'constructive' earlier this month.
In contrast, Ethereum and other altcoins held up better, with spot ETH ETFs attracting $197 million in weekly inflows. The price of Bitcoin remains under pressure ahead of the likely September rate hike, and it's not just about the Fed decision. Brent crude is above $105, and the 10-year Treasury yield has reached a two-decade high.