Bitcoin has lost support from ETFs, entering a neutral phase ahead of the upcoming decision by the U.S. Federal Reserve. According to Wintermute's analysis, $463 million was withdrawn from spot Bitcoin ETFs during the holiday week. This marks the first instance of a net outflow since June. Experts emphasized that inflows into ETFs had contributed to Bitcoin's rise from $63,000 to $82,000. Now, with changing demand, the price of the leading cryptocurrency has dropped by about $3,500, negatively impacting its dynamics.
Market developments indicate that Bitcoin may continue to trade within the range of $76,000-$82,000 without a recovery in demand through ETFs. Wintermute believes that the lack of stable inflows significantly limits the opportunities for opening new positions just before the Fed's decision. It is important to note that the range in which Bitcoin is trading has remained unchanged for the fourth consecutive week, and levels around $72,000 have yet to be tested. If the current dynamics persist, the upcoming comments from the Fed could have a significant impact on short-term trends in the cryptocurrency market, adding uncertainty for investors.
Analysts at Wintermute also point out that the first negative week for Bitcoin ETFs since June is a sufficient reason to adjust the market outlook to neutral. A calm macroeconomic environment is expected in the second half of September, which may influence the further course of the cryptocurrency market in Q4 2026. Despite the current challenges, the company does not rule out the possibility of a continued upward trend for cryptocurrencies in the future. Against this backdrop, the absence of inflows into spot Bitcoin ETFs, according to Wintermute, deprives the market of some arguments in favor of opening new positions just before the Fed's decision.
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