Bitcoin (BTC) is on a downward trend. With large-scale capital flowing out of spot exchange-traded funds (ETFs) and the value of the U.S. dollar rising to its highest level in about 18 months, 'double pressure' is weighing on the Bitcoin market.

According to overseas crypto media outlet Cointelegraph... more precisely, CoinGape, on the 8th (local time), Bitcoin was trading at $82,492, down 1.5%.

■ $487 Million Flows Out of Spot ETFs in a Single Day

As investment sentiment in the cryptocurrency market weakens, increased outflows from Bitcoin spot ETFs have coincided with the price decline.

According to SoSoValue data cited by CoinGape, a total of $487 million flowed out of Bitcoin spot ETFs on the 8th (local time). This is the largest outflow since the end of June 2026.

BlackRock's Bitcoin ETF recorded the largest outflow, with $207 million leaving the fund. Fidelity's Bitcoin ETF also saw an outflow of $105 million.

Capital flows were sluggish not only in Bitcoin but also in other cryptocurrency ETFs. CoinGape reported that all altcoin ETFs, except for NEAR Protocol (NEAR) and Litecoin (LTC), saw outflows or no new inflows.

■ Dollar Strength Accelerates After FOMC Minutes

These outflows surged after the release of the U.S. Federal Open Market Committee (FOMC) meeting minutes on the 7th (local time). According to CoinGape, the minutes showed that most officials at the U.S. Federal Reserve (Fed) are leaning toward additional interest rate hikes in 2026.

The Dollar Index (DXY), which tracks the value of the U.S. dollar, surpassed 102 for the first time since April 2025. CoinGape explained that the dollar's value rose as markets anticipate further rate hikes by the Fed in 2026.

According to CoinGape's prediction market data, 77% of investors expected a rate change at the December (local time) FOMC meeting.

Rate hikes generally raise the value of the dollar while weakening demand for risk assets such as Bitcoin. CoinGape explained that when interest rates are high, investors tend to choose Treasury bonds, which offer relatively lower risk and high returns.

■ Signs of Weakening Demand in Spot and Futures Markets

Signs of weakening demand also appeared in the Bitcoin spot market.

According to CryptoQuant data cited by CoinGape, Bitcoin's 'Apparent Demand' indicator, which reflects real demand for Bitcoin, turned negative. The Coinbase Premium Index, which shows U.S. investors' buying activity, also recorded a negative figure, indicating that buying pressure from U.S. investors has weakened.

A similar trend was confirmed in the futures market. According to CoinGape, Bitcoin futures open interest (OI) fell about 10% to $26 billion. The decline in open interest was interpreted as a sign that investors are reluctant to open new Bitcoin positions in order to reduce risk.

However, funding rates showed a different movement. According to CoinGlass data cited by CoinGape, Bitcoin's funding rate rose from 0.0017% on the 7th (local time) to 0.0050% at the time of reporting. This shows that even though Bitcoin's price fell below $83,000, long position investors are paying costs to short position investors to maintain their positions.

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