Bitcoin exchange-traded funds posted $463 million in net outflows, marking the first negative reading since the June low, according to a note cited by ChainCatcher from Wintermute OTC trader @Jjay_dm. ARK and Grayscale accounted for a combined $371 million of those outflows, while BlackRock was flat. Wintermute said the shift in ETF flows led it to adopt a neutral stance on the market instead of a bullish one.
The move came alongside a weak week for Bitcoin, which fell 4.4% to close at $76,838 and ranked as the worst-performing asset in the group referenced in the note. Ether slipped 1.5%, while altcoins as a whole rose 1%. On the macro side, U.S. August CPI rose 0.4% month over month, with core CPI at 0.3%, both above the 0.2% expectation. Producer price inflation reached 5.4% year over year, prompting Goldman Sachs to shift its September call from holding rates steady to forecasting a hike. Market-implied odds of a 25 basis point increase on Wednesday climbed to 87%.
Wintermute also flagged two events this week: a U.S. Senate procedural vote Tuesday on the CLARITY Act, which requires 60 votes, and Wednesday’s Federal Reserve rate decision.
Bitcoin ETFs recorded $463 million in net outflows, the first negative print since the June low, according to a post by Wintermute OTC trader @Jjay_dm cited by ChainCatcher.
ARK and Grayscale accounted for a combined $371 million in outflows, while BlackRock was flat. After ETF flows turned negative, Wintermute said it now leans neutral on the market rather than bullish.
Crypto market performance this week
BTC fell 4.4% over the week and closed at $76,838, making it the worst-performing asset in the group discussed in the note. Ether dropped 1.5%, while altcoins as a whole rose 1%.
Macro data lifts rate hike expectations
In the U.S., August CPI rose 0.4% month over month, with core CPI at 0.3%, both above the 0.2% forecast. PPI reached 5.4% year over year. That prompted Goldman Sachs to change its September call from holding rates steady to forecasting a hike. The market-implied probability of a 25 basis point increase on Wednesday has climbed to 87%.
At the same time, tensions in the Middle East continued to rise. Brent crude moved above $105 per barrel, and the yield on the 10-year U.S. Treasury hit a fresh 20-year high.
Two events in focus this week
- On Tuesday, the U.S. Senate is set to hold a procedural vote on the CLARITY Act, a crypto market structure bill that needs 60 votes to pass.
- On Wednesday, the Federal Reserve will announce its rate decision. Wintermute said the hike itself is already priced in, but any hawkish language afterward, especially signals pointing to continued rate hikes into the first quarter of 2027, could add downside pressure to crypto markets.
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