Bitcoin is facing a slowdown in network activity, marked by a 13% drop in adjusted transfer volume. This decline signals weaker demand and coincides with significant outflows from spot Bitcoin ETFs. Current trading prices show Bitcoin at $111,300, but this is down over 10% from recent highs. September historically has negative returns for Bitcoin, averaging -3.77% over the past 12 years, leading to cautious sentiment among investors. Analysts suggest the market is entering a cooling-off phase compounded by macroeconomic uncertainties, especially ahead of key Federal Reserve decisions regarding rates. If the downward trend continues, predictions indicate Bitcoin could dip below $100,000 if ETF outflows persist. Current on-chain data supports these concerns, indicating a broader contraction in demand as long-term holders press selling amid a decrease in speculative activity. Expert opinions emphasize a wait-and-see approach, especially before initiating new long positions, indicating potential further downside if current conditions persist.

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