US Spot Bitcoin ETFs See $450 Million Outflow as Sell Pressure Mounts

US spot Bitcoin ETFs saw a net outflow of $450.4 million on Sept. 15, effectively wiping out the $159.9 million inflow recorded in the previous session. This latest movement brings the total net withdrawals to $753 million over the six sessions since Sept. 8.

The reversal of ETF demand coincided with a period of broader sell-side pressure across the market. Bitcoin was trading near $75,900 as the Federal Reserve began its two-day policy meeting.

Data from Glassnode’s Week 38 report highlights that spot cumulative volume delta, which tracks aggressive buying versus selling, hit negative $142 million. This figure fell below the negative $115 million lower statistical band, suggesting that sellers were in control on centralized exchanges.

Perpetual futures markets also saw significant activity, with perpetual cumulative volume delta dropping to negative $605 million. This reading was well below the negative $233 million lower band, indicating aggressive selling in derivatives.

Despite the selling pressure, leverage remains elevated. Futures open interest sits at $36.4 billion, which is above its upper statistical band. While open interest has eased from $37 billion, the current levels suggest that the market remains positioned for potential volatility.

Long-side funding payments rose to $1.4 million but stayed within a normal statistical range, suggesting that there is not yet an extreme long-side imbalance. The market is currently characterized by deep spot distribution and active derivatives sellers, leaving it vulnerable to further price shocks.

Traders are looking for a constructive response that would include price stabilization and improved spot flows. Conversely, a bearish move would likely involve renewed spot selling paired with a sharp decline in open interest and a reset in funding rates, which would signal forced deleveraging.