Cryptocurrency market maker and trading firm Wintermute reported that Bitcoin spot ETFs saw a net outflow of $463 million last week, marking the first weekly net outflow since June. Accordingly, Wintermute downgraded its outlook for BTC from its previous 'positive' to 'neutral'. Wintermute stated, "Funds flowing out of the US stock market in August had flowed into BTC via spot ETFs, but that buying power has now disappeared. With new buying interest lacking to drive further upside, a sideways movement within the $76,000-$82,000 range is expected. This week, the US Senate's cloture vote on the Clarity Act and the Federal Reserve's (Fed) interest rate decision are considered key variables. While an unexpected rally could occur if the Clarity Act passes, the negative trend that would emerge if it fails appears to be largely priced into the market. Similarly, a 25bp interest rate hike by the Fed is also largely priced in, but hawkish remarks from Fed officials hinting at further rate hikes could negatively impact the market," it analyzed.
