Bitcoin fell below $77,500 on Thursday, September 3, closing at $77,592.74, a 1.67% decline for the day. This drop is not linked to geopolitical tensions in the Middle East, but to massive outflows from US Bitcoin ETFs which recorded $236 million in net outflows on September 1, with 85% coming from BlackRock’s IBIT fund alone. The US 10-year Treasury yield approaching 4.8% is encouraging institutional investors to favor bonds over bitcoin. September, nicknamed « Rektember », is historically the toughest month for Bitcoin with an average performance of around -3% since 2013. The market now prices in a 66% probability of a Fed rate hike at the FOMC meeting on September 16.
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