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U.S. spot Bitcoin ETFs saw $463 million in net outflows last week, marking their first weekly net outflow since June, according to crypto market maker and trading firm Wintermute. Wintermute accordingly downgraded its outlook for BTC to neutral from positive.
Wintermute said funds that flowed out of the U.S. stock market in August had moved into BTC through spot ETFs, but that buying demand has now faded. With fresh demand to drive further gains remaining weak, BTC is likely to trade in a $76,000-$82,000 range, Wintermute said. The firm cited this week’s U.S. Senate cloture vote on the Clarity Act and the Federal Reserve’s rate decision as key variables. Passage of the Clarity Act could trigger an upside surprise, while much of the negative impact from a failure to pass it appears to have already been priced in, according to the firm. Wintermute added that a 25-basis-point rate hike by the Fed is also likely largely priced in, but hawkish remarks from Fed officials signaling additional hikes could weigh on the market.