According to BlockBeats, data compiled by Bloomberg on September 9 showed that investors withdrew a total of nearly $1.2 billion from 12 Bitcoin spot ETFs in the eight days ending September 6. This large-scale outflow of funds came at a time when the stock and commodity markets were experiencing turbulence due to concerns about economic growth.
Bitcoin performed poorly in September, falling about 7%, but rose slightly over the weekend and was temporarily reported at $54,773.9 as of press time, with a 24-hour increase of 0.65%. Sean McNulty, head of trading at liquidity provider Arbelos Markets, said: “BTC’s small rebound seems to be partly driven by some well-known influencers closing short positions,” citing the recent actions of BitMEX co-founder Arthur Hayes as an example.
McNulty said improved performance by Trump, the Republican presidential candidate who supports cryptocurrencies, in polls and prediction markets also may have played a role. He pointed to increased demand for options hedging in case Trump’s debate with Democratic candidate Vice President Harris on Tuesday sparks market volatility.
Harris has yet to elaborate on her stance on cryptocurrencies. Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for digital asset derivatives trading, said BTC is likely to remain in its recent range of $53,000 to $57,000 until the latest U.S. CPI data is released on Wednesday.
