Bitcoin ETF Sees First Net Outflow Since June as Market Awaits Fed Rate Hike
The Bitcoin ETF has seen its first net outflow since June, according to Wintermute OTC trader @Jjay_dm. The total amount withdrawn was $463 million, with ARK and Grayscale accounting for a combined outflow of $371 million. In contrast, BlackRock remained flat.
As a result of the outflow, BTC fell 4.4% for the week, closing at $76,838, making it the worst-performing asset. Ethereum dropped 1.5%, while altcoins overall rose by 1%.
The market is awaiting the Federal Reserve's rate hike decision on Wednesday. Goldman Sachs has changed its September forecast from 'hold steady' to 'rate hike,' with the market raising the probability of a 25bp hike to 87%. Meanwhile, Brent crude oil surpassed $105 per barrel, and the 10-year U.S. Treasury yield hit a 20-year high.
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