Bitcoin (BTC) Trades Below $82,500 as ETF Outflows Reach $146M

Bitcoin (BTC) traded below $82,500 late Friday as U.S. spot Bitcoin exchange-traded funds (ETFs) recorded $146.19 million in net outflows through Thursday and September inflation readings rose.

Bitcoin was $81,588.14 at 5:12 p.m. ET (21:12 UTC) Oct. 16.

The $146.19 million figure covers Monday through Thursday, Oct. 12-15, and excludes Friday’s flows. It followed about $681 million in net outflows during the previous week, which covered Oct. 5-9. Redemptions can require funds to sell Bitcoin from their holdings, so the net flow tally offers a view of spot demand separate from futures trading.

September consumer prices rose 3.7% year over year, compared with 3.4% in August. Core consumer price index (CPI), which excludes food and energy, rose 2.6% from a year earlier, up from 2.4%. Month over month, headline CPI increased 0.6%, while core CPI rose 0.3%. The September CPI figures were released at 8:30 a.m. ET (12:30 UTC) Oct. 14.

The September producer price index (PPI) showed final-demand prices climbed 1.3% from August, their largest monthly increase since March 2022, and rose 6.3% year over year. An index excluding food, energy and trade services increased 0.5% for the month and 5.0% annually. The PPI figures were released at 8:30 a.m. ET (12:30 UTC) Oct. 15.

The Federal Open Market Committee (FOMC) raised its target rate range by 25 basis points on Sept. 16, to 3.75%-4.00%. That decision came before the September CPI and PPI figures were released.

Strategy announced Oct. 12 that it purchased 250 BTC during the week ended Oct. 11. Its reported holdings stood at 848,250 BTC as of that date. Strive purchased 3,311 bitcoin from Oct. 5 through Oct. 9 at an average price of about $84,500 per bitcoin, including fees and expenses. Its holdings reached 32,773 BTC as of Oct. 9.

The company purchase periods covered Oct. 5-11, while the latest ETF tally covered Oct. 12-15. Friday’s flows were not included in the tally.