Bitcoin’s recent rally has come to an abrupt halt. In the trading week from September 22-26, Bitcoin spot ETFs experienced significant net outflows totaling $903 million, following a month of steady inflows. This sudden reversal highlights a shift in investor sentiment as profit-taking and broader economic pressures weigh on the cryptocurrency market.
The downturn isn’t limited to Bitcoin alone. Ethereum spot ETFs also faced substantial withdrawals amounting to $796 million, with all nine funds reporting redemptions for the week. This synchronized exit from both leading digital assets suggests a cooling interest in institutional crypto products and indicates diminishing risk appetite among investors.
Price-wise, Bitcoin struggled with its short-term moving averages and hovered near $109,000. The next crucial support level is around the 200-day EMA at approximately $106,200. A breach below the 100-day EMA at about $112,800 confirmed weakness in its price action. Historically, Bitcoin’s long-term defense line has been the 200 EMA; whether bulls can maintain this level will determine how severe any further correction might be.
Current ETF and on-chain data paint a cautious picture of market conditions. The weekly ETF flows chart shows one of the largest withdrawals seen in months: billions have exited net assets recently. Weekly net inflows dropped dramatically to nearly -$903 million while total net assets across Bitcoin ETFs decreased to $143 billion during this period of increased selling pressure on spot markets.
A similar scenario unfolded for Ethereum as it saw an exodus of $796 million within just one week—mirroring Bitcoin’s decline—and indicating that institutional players are opting out entirely from cryptocurrencies rather than reallocating their investments elsewhere temporarily.
The stability between $106,000 and $108,000 will be pivotal for Bitcoin going forward since failing to hold this range could push losses towards reaching psychological levels like $100,000. Despite weeks marked by consistent institutional accumulation efforts previously made evident through earlier positive ETF flow data points showing strong fundamentals over time—the latest figures underscore how rapidly sentiments can change even when underlying fundamentals remain robust overall.