US spot Bitcoin exchange-traded funds (ETFs) recorded net outflows of $450.4 million on 15 September 2026, reversing the previous session’s recovery and extending a period of heavy withdrawals as traders prepared for a Federal Reserve interest-rate decision later that week.

ETF outflows reverse Monday’s recovery

On 14 September 2026, US spot Bitcoin ETFs recorded a net inflow of $159.9 million, briefly interrupting a run of consecutive daily withdrawals. The recovery lasted only one session before selling resumed on the following day.

The funds recorded $450.4 million in net outflows on Tuesday, more than offsetting Monday’s inflow in a single trading session. According to Farside Investors’ daily ETF flow table, it was the largest single-day withdrawal during the current stretch.

The outflows were distributed across several funds. Fidelity’s FBTC recorded the largest withdrawal at $214.8 million, followed by BlackRock’s IBIT at $161.7 million. Grayscale’s GBTC saw $44.1 million in outflows, while ARK Invest’s ARKB and Bitwise’s BITB recorded withdrawals of $17.4 million and $12.4 million, respectively.

Across six completed trading days from 8 to 15 September, the funds recorded combined net outflows of $753.2 million. Daily withdrawals during that period included $46.6 million, $120.2 million, $282.7 million, and $13.2 million, followed by Monday’s brief inflow and Tuesday’s sharp reversal.

ETF redemptions occur when investors return fund shares and the funds sell Bitcoin to meet those redemptions. That process does not by itself establish that the sales caused specific price movements, but the timing and scale of the withdrawals add measurable sell-side pressure.

The recent pattern contrasts with earlier periods when inflows returned to spot funds and helped stabilise Bitcoin prices. Institutional interest in Bitcoin-linked fund products has grown significantly in recent years, including through vehicles such as Brazil’s DIGY11, which links fund exposure to Bitcoin treasury companies.

Spot selling adds pressure to Bitcoin’s pullback

Spot selling refers to the direct sale of Bitcoin on exchanges, rather than trading futures or other derivatives contracts. It is the most direct form of selling pressure because a holder sells the asset at the prevailing market price.

Glassnode’s Week 38 market report, published on 14 September 2026, found that spot cumulative volume delta had fallen to negative $142.7 million, below its negative $115.3 million low band. Cumulative volume delta measures whether more Bitcoin is being sold than bought at the prevailing price. A reading below the low band indicates that selling is exceeding buying by an unusually wide margin. The report is available from Glassnode.

Derivatives markets added to the pressure. Perpetual futures recorded a cumulative volume delta of negative $605.9 million, while Bitcoin futures open interest reached $36.4 billion, above its $36.0 billion high band. Elevated open interest combined with a negative volume delta can indicate that traders are positioned short or are hedging existing long positions, both of which can weigh on price.

Glassnode analyst Frederik Theissen wrote in the same report that the market was absorbing the selling without breaking down.

“So far the market absorbs the selling rather than breaking down, new capital keeps entering and most of the supply remains in profit,” Theissen wrote in the Week 38 report.

That assessment cautions against interpreting the current data as evidence of a structural breakdown rather than positioning ahead of a major policy event.

Fed meeting places Bitcoin traders on alert

The immediate backdrop is the Federal Open Market Committee (FOMC) meeting scheduled for 15 to 16 September 2026. The Federal Reserve’s official calendar identifies the meeting as one that includes a Summary of Economic Projections. The committee is therefore scheduled to release updated interest-rate forecasts alongside its policy decision.

Fed meetings matter to Bitcoin holders because interest-rate expectations influence investor demand for risk assets. When rates are expected to remain high or rise further, investors often reduce exposure to riskier assets, including cryptocurrencies. Ahead of major policy announcements, institutional fund managers may also reduce positions to limit exposure to an unexpected decision.

The ETF outflows during this period are best understood as pre-meeting positioning rather than as a verdict on Bitcoin’s long-term direction. Whether inflows return after the Fed decision will depend on the signals the committee provides about the future path of interest rates.

Following the decision, the main indicators will include Farside’s daily ETF flow data, Glassnode’s spot cumulative volume delta, and Bitcoin’s price reaction in the hours after the announcement. A return to net inflows together with a spot volume delta moving toward positive territory would be consistent with the possibility that the pre-meeting selling was temporary. Continued outflows would indicate a more persistent withdrawal pattern.

Source: CoinLineup

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk.