Bitcoin Loses ETF Bid, Slides to $76,000 Ahead of Fed Decision
Bitcoin turned negative for the first time in three weeks, putting the key $76,000 support level in focus .Spot Bitcoin ETFs recorded $463 million in weekly outflows, removing a key source of demand that helped propel BTC from roughly $63,000 to $82,000 over the previous three weeks.Since August, Bitcoin has been rejected around $82,000 three times but is yet to test the next major downside area around $72,000.Wintermute Research said on Tuesday that ETF reversal adds another risk as BTC lost $3,500 without the institutional ETF demand that supported its recent rally.Negative ETF flows prompt Wintermute to shift its crypto outlook to “neutral” from “constructive” early.Meanwhile, Ethereum and other altcoins held up better, with spot ETH ETFs attracting $197 million in weekly inflows.Are Macro Factors in Play?Bitcoin remains under pressure ahead of a likely September rate hike.With a hike largely priced in, BTC’s next move could depend on whether Fed Chair Kevin Warsh signals further tightening into 2027.Brent crude above $105 and a two-decade high in the 10-year Treasury yield add pressure on Bitcoin.Image: Shutterstock Read Also: