Bitcoin ETFs record $389.7m weekly outflow since late June

U.S. spot Bitcoin (CRYPTO: BTC) ETFs recorded their largest weekly outflow since late June, even as Goldman Sachs (NYSE: GS ) calls a September Fed rate hike “very unlikely.” What The ETF Numbers Show The 13 U.S.-listed Bitcoin ETFs saw $389.7 million drained in the week of Aug.

10, reversing the $853.5 million they pulled in the prior week according to SoSoValue data.

The last time outflows were larger was the week ending July 2, when funds shed $526.64 million.

The outflows followed a major cold wallet hack that renewed investor interest in holding Bitcoin through regulated vehicles rather than self-custody, though that dynamic did not translate into inflows last week.

Why Goldman Calling A September Hike ‘Very Unlikely’ Matters Goldman Sachs Chief Economist Jan Hatzius told clients in a note Sunday, cited, that soft retail sales, slowing employment figures, and easing inflation make a September rate increase very unlikely. “We still think market pricing for the funds rate is too hawkish,” Hatzius wrote.

Interest rates directly shape demand for risk assets like Bitcoin.

Rate hikes drain liquidity and pressure prices, as seen clearly during the 2022 Fed tightening cycle that sent Bitcoin from $69,000 to $16,000.

Rate pauses or cuts do the opposite.

Traders currently price just a 30.6% chance of a 25 basis point hike in September, according to CME FedWatch data, down from 55% before last week’s inflation print.

BTC Price Prediction: Support and Resistance Levels Bitcoin nudges to $63,563 Sunday, still grinding inside the $58,000 to $65,000 consolidation box that has contained price for nearly three months.

RSI at 48.17 sits just below 50 with no directional conviction, and all four EMAs stack overhead as resistance.

A break above $65,000 with the trendline cleared would be the first real bull signal.

Losing $62,000 opens a breakdown toward $58,000.

Key levels for BTC: $65,000 — box ceiling and trendline break trigger $58,000 — box floor, last meaningful support below Photo via Shutterstock