Bitcoin Loses ETF Tailwind and Stalls Ahead of Fed Meeting

Wintermute analysts have turned neutral on crypto. The trigger was last week’s first net outflows from spot Bitcoin ETFs since June — $463 million left during the shortened holiday period.

Those same ETF inflows had powered Bitcoin’s climb from $63,000 to $82,000. Once the money started leaving, the price gave back roughly $3,500 and has now spent four weeks trapped between $76,000 and $82,000.

Ethereum ETFs fared better, pulling in $197 million for the week, with $216 million arriving on Friday after fresh US inflation figures. Bitcoin, however, has lost its main source of fresh demand and, without a reversal in ETF flows, looks likely to stay range-bound into the Fed decision.

Wintermute still sees an eventual continuation of the broader uptrend, but for now sees no catalyst strong enough to push Bitcoin out of its current corridor.

Based on information from https://cryptonews.net