Spot Bitcoin ETFs see $462M in net selling as Fed decision looms

US spot Bitcoin ETFs just had their worst week in months, shedding roughly $462.7 million in net outflows between September 8 and 11. The reversal is especially jarring given that the previous week saw nearly $987 million flow in the opposite direction, including a single-day haul of about $730.9 million on September 3. Markets are now pricing in an approximately 87% chance of a 25-basis-point rate hike at the September 16 FOMC meeting, and institutional investors appear to be pulling back from risk assets accordingly. Where the money went September 10 was the ugliest day of the bunch, with $282.6 million leaving spot Bitcoin ETFs in a single session. ARK 21Shares’ ARKB bore the brunt of it, accounting for roughly $164.3 million of that daily exodus. Grayscale’s GBTC, BlackRock’s IBIT, and Fidelity’s FBTC rounded out the list of products seeing meaningful redemptions. Bitcoin’s price reflected the mood, sliding from approximately $77,362 to about $76,816 over the same stretch. The Fed factor An 87% implied probability of a rate hike is about as close to a foregone conclusion as markets get without the Fed explicitly telegraphing the move. Higher rates tend to strengthen the dollar ...