BTC Spot ETF Records First Weekly Outflow Since June

Bitcoin spot ETFs experienced a $46.3 million weekly outflow last week, marking the first weekly outflow since June, according to cryptocurrency market maker and trading firm Wintermute. In response, Wintermute has downgraded its outlook for BTC from 'positive' to 'neutral'.

Wintermute noted that while capital flowed into BTC through spot ETFs in August amid U.S. stock market movements, the buying pressure has now dissipated. With weak new buying momentum, a sideways movement between $76,000 and $82,000 is anticipated. This week's key variables include the U.S. Senate's Clarity Act closure vote and the Federal Reserve's interest rate decision. While passage of the Clarity Act could trigger unexpected gains, failure to pass it may see negative sentiment already largely reflected in the market. Similarly, a 25-basis-point Fed rate hike is likely pre-priced, but further hawkish comments from Fed officials signaling additional rate increases could negatively impact markets.