US spot Bitcoin ETFs have shed more than $147 million over two sessions. Bitcoin itself is stuck below its 50-week moving average after four straight down days, while gold, not Bitcoin, is the asset investors are choosing first to hedge against government debt and currency devaluation.
US spot Bitcoin ETFs posted $100.7 million in net outflows on Sept. 9, following $46.6 million in withdrawals a day earlier. The two sessions combined for $147.3 million in redemptions, according to data from Onchain Lens.
ETF demand cools after a strong start to September
The outflows follow a much stronger opening to the month. Roughly $731 million flowed into US spot Bitcoin products on Sept. 3 alone, as Bitcoin rallied back above $80,000 amid renewed optimism around monetary policy and crypto regulation. Grayscale's GBTC accounted for roughly $65.5 million of the Sept. 8 outflows, while BlackRock's IBIT and Bitwise's BITB took in about $10.7 million and $14.5 million respectively, partly offsetting the losses. Still, month-to-date inflows remain positive at roughly $622.7 million.
Price capped by the 50-week moving average
Bitcoin has fallen for a fourth consecutive day, trading just below $78,000 after three straight red daily candles, according to FxPro's analyst team. The team notes Bitcoin may be facing resistance at its 50-week moving average, which acted as support from August 2024 to October 2025 — a level whose breach was followed by a 21% decline over two weeks and a 43% drop over 12 weeks the last time it gave way. Even so, the base case according to FxPro is that price fluctuates near this level before resuming its upward trend, as happened in April-May 2019 and May-July 2020.
Gold, not Bitcoin, leads the debasement trade
With US government debt topping $40 trillion and long-term Treasury yields at multi-year highs, investors are testing the idea that scarce assets should benefit from concerns over fiat currency devaluation. But according to Investinglive analysis, gold — not Bitcoin — still looks to be the cleanest expression of that trade. The analysis attributes this to Bitcoin's continued sensitivity to liquidity, interest-rate expectations and risk appetite, and notes that Bitcoin exposure increasingly runs through ETFs, tying the asset more closely to traditional portfolio flows than in earlier cycles. Oil pushing toward $100 and elevated Treasury yields add to that pressure on a high-beta asset like Bitcoin, the analysis says.
Sources: U.Today, ActionForex, Investinglive
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