Spot Bitcoin ETF Redemptions Trigger Sell Pressure Ahead of Fed Decision

US spot Bitcoin exchange‑traded funds recorded a net outflow of $450 million on Sept. 15, more than erasing the $159 million inflow from the prior session. Over the six trading days since Sept. 8, total ETF withdrawals reached $753 million.

ETF flows and spot market impact

The outflows removed a brief demand signal that had emerged as the Federal Reserve began its two‑day policy meeting. At press time Bitcoin was trading near $75,900, close to the lower end of the range shown in Glassnode’s weekly snapshot.

Spot and perpetual selling intensify

Glassnode’s week‑38 data showed spot cumulative volume delta at a negative $142 million, below its statistical lower band of $115 million, indicating dominant selling on centralized exchanges. Perpetual futures saw an even larger negative delta of $605 million, far beneath the $233 million lower band, confirming aggressive selling in the derivatives market.

Derivatives positioning remains high

Futures open interest fell slightly from $37 billion to $36 billion but stayed above the $36 billion upper band, suggesting ample contract exposure to amplify price moves. Long‑side funding payments rose to $1.4 million, remaining within normal ranges and not indicating an extreme long‑side imbalance.

Market outlook before the Fed decision

The combination of deepening spot distribution, active derivatives sellers, and sizable open interest leaves the market vulnerable to further moves. A stabilising price rally would require improved spot flow while open interest stays orderly; a stronger bearish shift would need renewed spot selling, a sharper drop in open interest, and a funding reset indicating forced deleveraging.