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Bitcoin Today: Modest Rise to $88.5K Amid ETF Outflows
Bitcoin edged higher on Wednesday, trading above $88,000 after small losses earlier in the week. However, gains remained limited as persistent outflows from U.S. exchange-traded funds (ETFs) and uncertainty over the interest rate path of the Federal Reserve (Fed) kept investors cautious.
As of 09:53 GMT, the world’s largest cryptocurrency was up 1.3% at $88,497.
Bitcoin remained range-bound as it attempted to regain momentum, with subdued risk appetite and a lack of fresh catalysts continuing to weigh on prices, even as broader financial markets stabilized.
Bitcoin Steady Amid ETF Outflows and Fed Caution
Pressure on Bitcoin intensified due to continued outflows from spot Bitcoin ETFs in the United States. Data showed that these funds recorded net outflows in recent sessions, extending a withdrawal trend that has raised concerns about weakening institutional demand.
ETF outflows removed a key source of support that had fueled Bitcoin’s rally earlier this year.
Crypto markets also took cues from U.S. economic data, as investors reassessed monetary policy prospects following mixed signals from the labor market.
Recent U.S. employment data pointed to slowing job growth alongside a gradual increase in the unemployment rate, suggesting that the labor market may be cooling — but not enough to give the Federal Reserve a clear signal to accelerate rate cuts.
The data complicated expectations for the Fed’s next steps, as policymakers continue to balance signs of easing labor conditions against inflation that remains above target.
As a result, markets became less confident about the timing and pace of future rate cuts, pressuring risk-sensitive assets such as cryptocurrencies.
Attention now turns to U.S. inflation data scheduled for release on Thursday.
Cryptocurrencies Today: Altcoins Trade in Ranges
Most altcoins posted modest movements on Wednesday amid cautious sentiment. Media reports also cited low liquidity as a factor behind the subdued price action.
The world’s second-largest cryptocurrency, Ethereum, fell 1.2% to $2,957.16.
The third-largest cryptocurrency, XRP, rose 1% to $1.94.
Solana gained 1.2%, while Cardano and Polygon traded largely unchanged.
Among meme tokens, Dogecoin rose 1.2%, while $TRUMP added 0.8%.
See also: "Bitcoin Price Today: Falls Below $86,000 Ahead of Jobs Data"
