US spot Bitcoin ETFs posted their first net outflow in nine sessions on Aug. 28, pulling $201.9 million from the funds. Bitcoin held near $77,500 despite the reversal, with traders watching the $76,500–$77,000 zone after Federal Reserve Chair Kevin Warsh's Jackson Hole remarks weighed on risk appetite.
Bitcoin holds above $77,000 after ETF outflow
Bitcoin was trading around $77,500, down 2.9% over the previous 24 hours. The price briefly fell to $77,078 on Aug. 28 before stabilizing above $77,000.
The pullback followed a failed attempt to hold above $80,000. Bitcoin reached an intraday high near $81,200 earlier in the week, then faced selling pressure as traders reacted to Warsh's speech.
ETF inflows reverse after nine sessions
US spot Bitcoin ETFs posted $201.9 million in net withdrawals on Aug. 28, ending nine consecutive sessions of positive flows. ARK 21Shares' ARKB led the outflows, while BlackRock's IBIT and VanEck's HODL also recorded redemptions.
However, the group still attracted $924.5 million during the Aug. 24–28 trading week. One negative session therefore does not establish a longer institutional exit, though continued outflows would strengthen the case that demand has weakened after Bitcoin's August rally.
Warsh speech adds pressure to risk assets
The ETF reversal came after Warsh said inflation remained above the Federal Reserve's target, with the Fed's preferred measure running at 3.7% over 12 months and 4.1% over six months.
Warsh's comments did not commit the Fed to a rate hike, but according to crypto.news: "The Fed's predominant focus right now should be on prices," Warsh said. Higher rates can raise returns on cash and government debt, which can pull capital away from volatile assets including cryptocurrencies.
Technical picture points to a wide range
On the 4-hour chart, Bitcoin's Chaikin Money Flow has fallen to -0.14, showing selling pressure has outweighed buying during the decline. A Fibonacci retracement between $126,234 and $57,795 places the 78.6% support level at $72,441, while the next major resistance sits at $83,939.
Analyst targets and the daily Fibonacci structure converge around $72,000–$74,500, making it the main downside area to watch if Bitcoin fails to defend current support. A sustained move above $80,000 would instead weaken the bearish structure and expose the liquidity cluster near $80,500.
Source: crypto.news
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