Bitcoin falls below $77,000 as post-CPI rally fades and ETF outflows reach $449M
Bitcoin's response to the August US inflation report turned into a round trip. Bitcoin reached about $78,915 by 10:09 a.m. New York after the CPI release, according to Investing.com. By late afternoon, CoinDesk's live market data had it around $76,800, down roughly 1.8% over 24 hours and back near the lower end of the range traders had been watching before the data.
For a multi-asset portfolio, the mechanism is a demand split. Persistent ETF redemptions weaken net demand through listed spot vehicles, while a derivatives-driven relief move can lift price without creating the same durable allocation signal. The more useful evidence is the sequence of fund flows around the rally. US spot Bitcoin ETFs lost $46.6 million on September 8, $120.2 million on September 9 and $282.6 million on September 10, according to TFTC's daily fund-flow dataset. The three-session withdrawal totals $449.4 million, and the size of the daily outflow increased in each session.
That sequence weakens a simple reading of the morning rebound as renewed institutional demand. Before the CPI release, CoinDesk reported that Bitcoin options traders were already dialing down bullish exposure as the token slipped toward $78,000. The late-afternoon reversal put price action back in line with that caution instead of confirming a durable post-data breakout.
There is important counterevidence inside the same ETF dataset. September remained $320.7 million net positive through September 10 because a $730.9 million inflow on September 3 and a $174.6 million inflow on September 4 outweighed the latest three-day withdrawal. Total US spot-Bitcoin ETF assets stood at about $97.5 billion. Three bad sessions interrupted September's inflows while leaving the month positive overall.
For a multi-asset investor, that makes September 11 a failed relief rally inside a mixed allocation picture. Bitcoin finished the US afternoon near $76,800 while the prior three ETF sessions had lost $449.4 million, yet month-to-date fund flows were still positive by $320.7 million. The tape is weaker than the post-CPI spike implied, but the fund data stop short of showing a wholesale institutional exit.