Wintermute Warns of Neutral Market Stance as BTC ETF Experiences First Net Outflow Since June

Wintermute's OTC trader reported that the BTC ETF experienced its first net outflow since June, totaling $463 million. This led to a 4.4% drop in BTC for the week, making it the worst-performing asset, while Ethereum fell 1.5%. On the macro level, the U.S. August CPI recorded a 0.4% month-on-month increase, higher than expected, and the PPI annual rate reached 5.4%, prompting Goldman Sachs to change its September forecast from 'hold steady' to 'rate hike'. As a result, the market raised the probability of a 25bp hike on Wednesday to 87%. Wintermute stated that after the ETF funds turned negative, it prefers a neutral rather than bullish stance on the market.

The U.S. Senate will conduct a procedural vote on the CLARITY Act at 2:15 PM on September 15, which requires 60 votes to advance to formal debate. The Republicans have made 126 substantive amendments to the bill, covering ethical provisions, software developer protections, and a 'circuit breaker' mechanism for stablecoin deposits.