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AVAX 
BTC 
DOGE 
DOT 
ETH 
HBAR 
HYPE 
LINK 
LTC 
SOL 
XRP The crypto market started a new day with selling pressure. The total market value fell 0.93% to US$2.67 trillion; Bitcoin fell 0.65% to US$78,397 as of 08:50 in Beijing time. As the market's second-largest asset, Ethereum was not spared the decline, with ETH falling 0.59% to US$2,479; while the decline in altcoins was even more pronounced.
What does Bitcoin ETF fund flow reveal?
The weak performance of the crypto market is also reflected in the fund movements of institutional investors. According to data on September 9, the spot Bitcoin ETF showed a total net outflow of US$120.24 million. In comparison, the spot Ethereum ETF recorded a net inflow of US$34.75 million on the same day. This divergence suggests that investors are being more cautious about Bitcoin, while demand for Ethereum products continues.
Capital flows in different directions have also emerged in altcoin ETFs. The XRP ETF, Solana ETF and LINK ETF recorded net inflows of US$12.29 million, US$11.73 million and US$1.09 million respectively; while the HYPE ETF had a net outflow of US$5.29 million; and the DOGE, LTC, HBAR, AVAX and DOT ETFs showed no significant capital flows.
How do U.S. Treasury yields affect Bitcoin?
The sources of pressure on Bitcoin are not limited to dynamics within the crypto ecosystem. U.S. Treasury yields rose after the U.S. Treasury Department announced it would conduct up to $6 billion in U.S. debt buybacks. An increase in Treasury bond interest rates could weaken investors 'appetite for risky assets. After the announcement, investors in Bitcoin and other risky assets that had been positive responded by reducing their positions.
IG market analyst Tony Sycamore pointed out that the current pressure on Bitcoin is related to multiple macro factors. According to Sycamore's analysis, the continued rise in energy prices, the sell-off of U.S. stocks and the rise in Treasury yields are simultaneously putting pressure on Bitcoin.
Will U.S. inflation data change cryptocurrency prices?
The next important focus for the market will be inflation data from the United States. The producer price index (PPI) and consumer price index (CPI) may shape investors 'expectations for the Federal Reserve's monetary policy. In particular, if inflation data does not match expectations, it may change the market's pricing of interest rate cuts or interest rate policies. This change may also be transmitted to Bitcoin and other risky assets through Treasury yields.
Therefore, digital asset investors should not only pay attention to Bitcoin prices, but should also closely track U.S. Treasury market and economic data. After the PPI and CPI are announced, any change in interest rate expectations will become an important indicator of short-term price fluctuations.
What will happen next in the crypto market?
The current situation shows that Bitcoin and altcoins are facing macroeconomic pressure at the same time. Bitcoin fell to US$78,397, while large altcoins such as XRP and Solana fell even more, indicating that selling pressure has spread to the entire market.
The flow of funds in ETFs also shows the divergence of investor behavior. Although US$120.24 million flowed out of the Bitcoin ETF, funds flowed into Ethereum, XRP and Solana-related products, highlighting the importance of differences in demand between different assets.
In the coming period, with the release of PPI and CPI data, we should pay close attention to changes in government bond yields.
