Bitcoin dipped below $77,500 during Wednesday’s session on 2 September, closing at $77,592.74 after a 1.67 percent decline, and was trading below that level again on 3 September. The drop came as US spot Bitcoin ETFs registered $236 million in net outflows on September 1, their worst day since July 31, rather than from tensions surrounding the Strait of Hormuz or new US strikes on Iran. BlackRock’s IBIT fund accounted for 85 percent of those outflows.
Yields and rate bets weigh on crypto
The ten-year Treasury yield stood at 4.8 percent, with markets pricing a 66 percent probability of a Federal Reserve rate increase at the September 16 meeting. Rising yields have drawn investors away from riskier assets including Bitcoin, which had gained approximately 25 percent in August. The outflows suggest money managers are repositioning ahead of the Fed’s decision rather than responding to geopolitical events.
September’s historical weakness
September ranks as the worst performing month for Bitcoin since 2013, with traders calling it “Rektember”. The cryptocurrency has averaged approximately minus 3 percent across all Septembers in that span, with only 5 positive monthly closures in over a decade. Oil prices have meanwhile climbed: Brent crude exceeds $93 per barrel while WTI approaches $91 per barrel, though these moves have not yet shifted crypto sentiment.
Source: US spot Bitcoin ETFs
