Spot $BTC ETF outflows rise
One potential catalyst for the bearish outlook is that spot Bitcoin ETFs had outflows last week. These funds shed over $607 million in outflows after adding $446 million in inflows a week earlier.
These Bitcoin ETFs have cumulatively attracted over $61 billion in inflows. Their total net assets stand at $147.7 billion, representing 6.77% of the market cap.
Spot Bitcoin ETFs recorded outflows after the Federal Reserve published its interest rate decision.It delivered its second interest rate cut of the year on Wednesday and warned that a December cut was not guaranteed.
As a result, the odds of a December rate cut have dropped from over 90% last week to 66% on Polymarket. Bitcoin and other cryptocurrencies do well when the Fed is cutting rates.
