Bitcoin drops 4% to $76,900 as ETF outflows hit $500M
Bitcoin faces macro headwinds with a 4% weekly decline. Spot ETFs see $500M in outflows, capping upside momentum.
Bitcoin (BTC) trades at $76,900, down 4% this week. The drop follows stronger than expected US Producer Price Index data. This data raises the probability of a September rate hike by the Federal Reserve. Institutional demand is weakening in response to these macro signals.
Spot Bitcoin Exchange Traded Funds recorded nearly $500 million in net outflows through Thursday. This ends a three-week streak of inflows. The market is stabilizing at lower levels despite the recent decline. Bitcoin tested support near $76,500 before recovering slightly.
ETF outflows end three week streak
The withdrawal of capital from spot ETFs signals reduced institutional appetite. This trend contrasts with the previous three weeks of net buying. The current outflow of $500 million caps the upside potential for Bitcoin. Traders are reacting to the shifting macroeconomic landscape.
Ethereum (ETH) hovers above the $2,400 support level. The asset shows signs of stability despite capped upside at $2,500. The broader cryptocurrency market remains under pressure from macroeconomic risks. Price action is defined by these immediate support and resistance zones.
Pi Network updates hosting app features
Pi Network (PI) trades above $0.095 on Friday. The token holds support near the 50-day Exponential Moving Average at $0.0942. The Core Team released a SoloHost app update with new ranking features. PI must reclaim the $0.10 threshold to sustain an upward move.
The new developer features aim to enhance platform utility. The price action remains tied to technical support levels. According to GN markets/crypto (en-US), the asset is stable but lacks momentum. Breaking above $0.10 is the key technical hurdle for the next phase.
