According to WuSaid, QCP Capital said that BTC spot ETFs have seen outflows for four consecutive days, especially BlackRock’s IBIT, which saw its first outflow of $13.5 million since May.

The lower-than-expected US PCE data increases the likelihood of a rate cut by the Federal Reserve in the fourth quarter. If the non-farm payrolls data next week is weaker than expected, it will confirm the reason for the US to cut interest rates since September, with the current probability of a rate cut of 33.0% (25 basis points) and 67% (50 basis points).

Given the limited impact of recent macro news on the crypto market, Bitcoin is likely to continue to fluctuate between $58,000 and $65,000 in the short term, with the market awaiting a positive catalyst to break out of this range.