Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Bitcoin fell below key support amid market volatility
Affected by higher-than-expected U.S. producer inflation data and rising market speculation about an imminent interest rate hike, Bitcoin prices briefly fell below the US$77,000 mark. Bitcoin has depreciated by nearly 2% in the past 24 hours, while the U.S. spot Bitcoin ETF has seen a net outflow of funds for the third consecutive day.
ETF outflows intensify: Who is leading?
Farside Investors data shows that on September 10, the total redemption of funds recorded by the U.S. spot Bitcoin ETF was approximately US$282.7 million. SoSoValue reported a similar net outflow of approximately $283 million, more than double the previous trading day's approximately $120 million. Among them, the ARKB fund that Ark Invest cooperated with 21Shares suffered the largest withdrawal, with an amount of US$164.3 million.
Grayscale's GBTC fund also experienced significant outflows, with redemptions of US$36.4 million;Fidelity's FBTC fund reduced its holdings by US$33.6 million. By comparison, Morgan Stanley's MSBT fund attracted approximately $3.98 million in new investment.
According to SoValue statistics, the current total net assets of the U.S. spot Bitcoin ETF are US$97.49 billion, accounting for 6.28% of the total market value of Bitcoin. Since the establishment of these funds, cumulative net inflows have reached US$55.168 billion.
Why is market pressure intensifying?
The core reason for Bitcoin's downward trend is rising inflationary pressures. The U.S. producer price index (PPI) reached 5.4% in August, exceeding market expectations of 5.1%. This triggered heightened market expectations for a possible rate hike at the next Fed meeting. The probability of raising interest rates has soared from about 50% two weeks ago to nearly 70%.
U.S. Treasury yields hit milestone highs: 30-year Treasury yields hit a 19-year peak, 10-year yields approached 5%, and 2-year yields exceeded 4.5%. Brent crude oil prices topped US$107, an increase of more than 6%, further exacerbating concerns about energy-driven inflation. As real yields rise, non-yielding assets such as Bitcoin become less attractive, bonds become more attractive, and the cost of maintaining leveraged positions increases.
Despite the pressure, Bitcoin managed to hold the key technical support level of US$76,270 pointed out by Lewis Huang. Prices have never fallen below that level since their recent rally since August. Investors are closely watching upcoming U.S. consumer inflation data for more clues, with the market expecting annual headline inflation of 3.4% and core inflation of 2.4%.
Long-term outlook remains optimistic
Despite short-term pressures, Coinbase CEO Brian Armstrong remains optimistic about Bitcoin's long-term prospects. In an interview with CNBC, he said he believes Bitcoin has surpassed its lows in the current cycle and expects the bullish trend to continue for years until the next halving event occurs.
Armstrong expressed hope for clarity in the U.S. regulatory framework, even if the CLARITY Act fails to pass. Although a procedural vote on the bill requires 60 votes in the Senate, he firmly believes that industry and banking support will play a key role. Current differences focus mainly on ethical provisions that restrict senior officials and their families from engaging in encryption activities.
Currently, Bitcoin is trading at about 40% below its all-time high of about US$126,000. However, Glassnode data shows that in the three weeks after its August decline, Bitcoin has recovered by about 23%. With the recent correction, future trends are likely to be shaped by inflation statistics, Fed decisions and ETF funds flows.
