CryptoSlate
US spot Bitcoin ETFs recorded a $450 million net outflow on Sept. 15, more than erasing the prior session's $159 million inflow and pushing the six completed sessions since Sept. 8 to a net $753 million withdrawal. The reversal stripped out the brief demand signal that appeared as the Federal Reserve opened its two-day policy meeting. Bitcoin traded near $75,900, close to the lower end of the range in Glassnode's latest weekly snapshot.
Why it matters
Glassnode's Week 38 report showed spot cumulative volume delta at negative $142 million, below its negative $115 million lower statistical band, meaning aggressive sellers dominated centralized exchange activity. Perpetual cumulative volume delta fell further, to negative $605 million against a negative $233 million band, signaling heavy selling in perpetual futures as well.
Leverage remains elevated despite the pressure. Futures open interest eased from $37 billion to $36 billion but sits above its upper band, while long-side funding rose to $1.4 million and stayed within its normal range. That leaves more positioning available to amplify another shock without an already extreme long-side imbalance.
Market impact
The ETF dataset measures creations and redemptions only, so investor identities and direct Bitcoin sale execution fall outside it. What the adjacent windows support is a broad-pressure reading: ETF redemptions arrived alongside deeper exchange selling, even if causation stays unresolved.
Bitcoin's first post-decision test was still ahead at the reporting cutoff. A constructive path pairs price stabilization with improving spot flow while open interest stays orderly; a sharper bearish second move would combine renewed spot selling with a falling open interest and a funding reset, evidence of forced deleveraging. Before the decision, the market reads as vulnerable rather than broken.
Frequently asked questions
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How much did US spot Bitcoin ETFs lose on Sept. 15?
US spot Bitcoin ETFs recorded a $450 million net outflow on Sept. 15, more than erasing the previous session's $159 million inflow and bringing the six sessions since Sept. 8 to a net $753 million withdrawal.
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What does Glassnode's cumulative volume delta show about Bitcoin selling?
Spot cumulative volume delta was negative $142 million, below its negative $115 million lower statistical band, and perpetual CVD hit negative $605 million against a negative $233 million band, showing aggressive selling in both markets.
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Why is futures open interest a risk before the Fed decision?
Open interest eased from $37 billion to $36 billion but remains above its upper statistical band, meaning leverage is still large enough to amplify any sharp move triggered by the Fed's policy decision.
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Can ETF flows prove Bitcoin investors were selling directly?
No. ETF net flows measure creations and redemptions across the funds only; investor identities and direct Bitcoin sale execution fall outside the dataset, so the data supports a broad-pressure reading rather than a causal link.
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What would signal forced deleveraging in Bitcoin after the Fed decision?
A convincing bearish second move would combine renewed spot selling with a sharper fall in open interest and a funding reset, evidence that pressure had spread into forced deleveraging rather than voluntary distribution.
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