Bitcoin Stalls at $84,579 as October Rate Hike Odds Plummet
Bitcoin's price remains stuck in a narrow trading range as the probability of an October rate hike plummets to 30%. This stability is in stark contrast to the performances of other major cryptocurrencies, including Ethereum, XRP, and Dogecoin, which are seeing significant price fluctuations. In a notable development, Coinglass data shows that 70,853 traders were liquidated in the past 24 hours for a total of $193.49 million.
According to SoSoValue, spot Bitcoin ETFs saw net outflows of $148.7 million on Wednesday, while spot Ethereum ETFs experienced net outflows of $59.6 million. Analyst Benjamin Cowen has been tracking the unusual relationship between Bitcoin's price and long-term Treasury yields since 2025, observing that BTC has often performed relatively well when yields rise. However, Cowen notes that Bitcoin has recently struggled when yields begin falling, amid growing concerns about economic growth.