Wintermute: Bitcoin Loses ETF Support, Enters Neutral Phase

Outflows from Bitcoin ETFs totaled $463 million over the week, marking the first negative result since June. Analysts at Wintermute noted that the shift in ETF dynamics led to Bitcoin losing around $3,500. Without stable inflows into ETFs, Bitcoin lacks an obvious source of new demand. Ethereum performed better, attracting $197 million over the week, with $216 million coming in on Friday following the release of inflation data in the U.S. Bitcoin has been trading in the range of $76,000 to $82,000 for about four weeks, and without a recovery in demand through ETFs, it is likely to remain in this range. The Federal Reserve's decision on interest rates this week could impact the short-term trend of crypto assets. The second half of September is expected to be calmer in terms of macroeconomic events.

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