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AVAX 
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ETH 
HBAR 
HYPE 
LINK 
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SOL 
TRX 
XRP Bitcoin fell below US$77,000, and selling pressure in the crypto market reappeared.
As the price of Bitcoin fell below US$77,000, selling pressure in the crypto market increased again. The total market value fell 1.55% from the previous day to US$2.63 trillion. As of 08:33 UTC, Bitcoin fell 1.82% to US$77,049. Other major crypto assets also followed the downward trend: Ethereum fell 0.88% to $2,458;XRP fell 3.18% to $1.34; and Solana fell 2.38% to $99.60.
Has the outflow of funds from Bitcoin ETF increased selling pressure?
The weak market trend is confirmed by the flow of funds from institutional investors in spot ETF transactions. On September 10, the spot Bitcoin ETF showed a net outflow totaling US$282.56 million. The situation was similar for Ethereum, with the spot Ethereum ETF recording a net outflow of US$29.76 million on the same day.
In contrast, the flow of funds in altcoin ETFs is relatively limited. The net inflow of XRP ETF was US$5.14 million, the net inflow of LINK ETF was US$4.27 million, the net inflow of HBAR ETF was US$817.77 million, and the net inflow of DOT ETF was US$663.06 million. However, the Solana ETF reported a net outflow of $482.55 million. ETFs such as BNB, TRX, HYPE, DOGE, LTC and AVAX did not show significant capital flows.
Why do U.S. bond yields suppress the crypto market?
Another noteworthy development for crypto investors is taking place in the U.S. bond market. The producer price index (PPI) rose 5.4% year-on-year in August, above expectations of 5.1%, raising concerns that inflation may be more resilient than expected.
Affected by this, the U.S. 30-year Treasury yield rose to its highest level in 19 years. The yield on the 10-year Treasury bond rose to above 5%, and the yield on the 2-year Treasury bond also exceeded 4.5%. Interest free digital assets such as Bitcoin have become less attractive in a high-bond-yield environment. Investors may reduce their exposure to risky assets in pursuit of higher bond yields.
What does rising oil prices mean?
Volatility in the energy market complicates the current situation. Brent crude oil prices rose more than 6% per barrel, breaking the $107 mark; West Texas Intermediate crude (WTI) prices were close to $102. Rising energy costs could put additional pressure on consumer prices, increasing inflation expectations and forcing the Federal Reserve to be more cautious on monetary policy.
How can high yields double hit the crypto market?
U.S. bond yields affect the crypto market through two channels: on the one hand, more attractive bond yields reduce investors 'preference for risky assets; on the other hand, rising financing costs make it more difficult to maintain leveraged positions.
Why is U.S. CPI data critical to Bitcoin?
The key event that determines the short-term trend of the market is the release of U.S. consumer price index (CPI) data for August. The data will be released at 15:30 UTC. Given that previous PPI data exceeded expectations, the market will pay close attention to this CPI performance.
If inflation data is higher than expected, expectations of interest rate cuts will weaken further, which may lead to bond yields and the US dollar continuing to strengthen, and selling pressure in the crypto market may also continue. Conversely, a lower-than-expected CPI could reverse the situation: lower inflation would help strengthen expectations of interest rate cuts, prompt a correction in bond yields and the dollar, and re-boost investors 'risk appetite.
Therefore, with Bitcoin remaining below US$77,000, investors should not only focus on price trends, but also comprehensively consider multiple factors such as ETF fund flows, bond yields, oil price fluctuations, and U.S. CPI data.
Disclaimer : This content does not constitute any investment advice. There are high risks in the market, please conduct independent research before making an investment decision.
