QCP: Bitcoin Digesting CLARITY Setback and Fed Rate Hike in Succession, ETF Flows Turn to Net Inflows

Odaily reports: QCP Capital stated in a post that Bitcoin faced two major bearish events within 48 hours — a procedural vote setback for the CLARITY Act and a Federal Reserve rate hike — yet the price still showed some resilience, briefly falling to a monthly low of around $75,900 and currently holding near $76,500.

QCP noted that spot Bitcoin ETFs saw net outflows of $450 million and $296 million on September 15 and 16, respectively, but flipped to net inflows of $159 million on the 17th, with BlackRock's IBIT recording $184 million in net inflows, indicating that capital flows improved after the Fed rate hike.

QCP believes the 25 basis point rate hike had been fully priced in by the market, and what is more noteworthy is Fed Chair Warsh's hawkish remarks on inflation and policy restrictiveness. However, U.S. Treasury yields subsequently fell across the board, suggesting the market may interpret the current hike as reducing the need for further rate increases in the future.