Bitcoin Fell During U.S. Trading Hours in Eight of 13 Sessions

Bitcoin (BTC) lost 3.24% during U.S. market hours across 13 sessions from Sept. 21 through Oct. 7, even as it gained 6.07% during the remaining hours, creating a mixed picture of intraday market pressure.

The measured window ran from 9:30 a.m. to 4 p.m. ET (13:30-20:00 UTC). Bitcoin declined during eight of the 13 sessions, with the two largest session declines during that window occurring on Sept. 30 and Oct. 2, when it fell 1.86% and 2.65%, respectively.

Removing those two sessions changed the result significantly. Bitcoin posted a compounded 1.28% gain across the other 11 U.S. market sessions.

The compounded decline also changed with the selected opening time. Measuring from 9 a.m. ET through 4 p.m. produced a 4.94% drop, while starting at 10 a.m. ET produced a 5.41% decline.

A negative Coinbase Premium Gap showed that Bitcoin traded below its comparison price on Binance. The measure compares prices on Coinbase and Binance and can indicate weaker demand on Coinbase, but it does not identify the sellers or establish that U.S. institutions drove the move.

ETF flows offered mixed evidence. U.S. spot Bitcoin exchange-traded funds recorded $148.7 million in net outflows on Sept. 30, followed by $189.9 million in net inflows on Oct. 2. The funds then posted $484.9 million in net outflows on Oct. 7.

ETF flows measure net creations and redemptions in U.S. spot Bitcoin funds. They do not show when the underlying Bitcoin transactions occurred or identify the participants involved.

The session result therefore does not establish sustained institutional selling. The outcome remains sensitive to the hours selected and to the two sharp declines during the period.