Bitcoin
Bitcoin Weakens Near $77,400 Amid Inflation Pressures and Sustained ETF Outflows
A hotter August CPI report and continuous institutional fund redemptions are placing downward pressure on Bitcoin ahead of the upcoming Federal Reserve meeting.
Bitcoin retreated toward $77,400, falling from $79,155 on September 9 and from an intraday peak of $82,000 on September 4. The decline comes as markets reprice expectations ahead of the September 16 Federal Open Market Committee meeting, where the target rate upper bound currently sits at 3.75%.
Macroeconomic data played a key role after core CPI rose 0.3% month over month against expectations of 0.2%, pushing Polymarket odds for a September rate hike to 83%. Energy prices added pressure after Brent crude topped $100 per barrel on September 9 following US strikes on Iran-linked tankers near the Strait of Hormuz. Alongside higher expected bond yields, market volatility increased, with the VIX climbing 24.6% in a week to close at 17.84 on September 10.
Institutional flows and long-term selling have also weighed on spot prices. US spot Bitcoin ETFs registered a fourth consecutive day of net redemptions with a $13.29 million outflow on September 11. Furthermore, data from CryptoQuant indicates that long-term holders have sold 539,000 Bitcoin in the $77,000 to $80,000 price range over the course of the year.
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