The macro data finally gave Bitcoin bulls what they wanted. August core PCE came in at 3.0% year over year, versus 3.3% expected. Softer inflation cut the odds of another Fed hike in October, and the 10-year yield dipped from about 5.23% to 5.20%.
$BTC spiked above $85,500 right after the release. Within about 90 minutes it was back below $83,500.
Then the ETF data landed. US spot Bitcoin ETFs posted a $148.7M net outflow on Oct 1, ending a nine-day, $3.1B inflow streak. Fidelity's FBTC alone saw $125.6M leave. Ether ETFs lost another $59.6M, a second straight day of outflows.
That's the uncomfortable combination: the best macro surprise in weeks, and the buyers who carried September stepped back the same day. A rally that can't hold through good news is telling you something about demand, not about the Fed.
One day of outflows doesn't end a trend. BTC still closed September up 6.4%. But if soft inflation can't keep BTC above $85K, what will?
#Bitcoin #PCE
$BTC spiked above $85,500 right after the release. Within about 90 minutes it was back below $83,500.
Then the ETF data landed. US spot Bitcoin ETFs posted a $148.7M net outflow on Oct 1, ending a nine-day, $3.1B inflow streak. Fidelity's FBTC alone saw $125.6M leave. Ether ETFs lost another $59.6M, a second straight day of outflows.
That's the uncomfortable combination: the best macro surprise in weeks, and the buyers who carried September stepped back the same day. A rally that can't hold through good news is telling you something about demand, not about the Fed.
One day of outflows doesn't end a trend. BTC still closed September up 6.4%. But if soft inflation can't keep BTC above $85K, what will?
#Bitcoin #PCE
