The crypto market is trading today under the shadow of critical announcements. While investors are focused on US Federal Reserve (Fed) Chair Jerome Powell's speech on the economic outlook, Bitcoin and Ether ETFs have seen billions of dollars in outflows. Statements from US President Donald Trump and Bitcoin lobbyist Dennis Porter are also increasing market tensions.
Record Outflow in Bitcoin ETFs
According to Farside Investors data, spot Bitcoin ETFs recorded a total net outflow of $363.1 million on September 23rd. This is the largest outflow in September. Fidelity's FBTC fund alone saw $276.7 million in outflows, while Ark 21Shares' ARKB withdrew $52.3 million and Grayscale's GBTC withdrew $24.6 million. VanEck's HODL fund also contributed to the outflow with $9.5 million. The drop in total assets below $150 billion is noteworthy. Ethereum ETFs also faced similar pressure. Spot Ether funds experienced $76 million in outflows, ending a two-day trend of inflows. Fidelity's FETH fund saw $33.1 million, Bitwise's ETHW, and BlackRock's ETHA products also saw significant outflows. It became clear that investors were reducing their positions in response to Powell's statements.
Powell's message is critical
Powell's speech today at 6:30 PM GMT will include the new guidance markets have been waiting for following the Fed's 25 basis point rate cut at its September 2025 meeting. Powell emphasized last week that the cut was not a signal of aggressive easing but rather a "risk management" measure.
Markets will now be watching to determine whether the Fed will remain cautious or open the door to further cuts. US 10-year Treasury yields are hovering around 4.15%, while the dollar index remains strong above 97. Gold, meanwhile, continues to rise amid safe-haven demand. JPMorgan CEO Jamie Dimon believes the Fed will not take any further action until inflation clearly declines.
Trump and Porter Expect Surprises
The first significant development of the day will be US President Donald Trump's speech at the UN General Assembly in New York at 4:50 PM Turkish time. Trump is expected to deliver messages about the ceasefires in the Middle East and the war in Ukraine. However, the crypto market is reportedly focusing on possible announcements regarding the US's plan to create a "Bitcoin reserve." Even a single suggestive statement from Trump on this matter could move the markets.
In the final act of the day, Bitcoin lobbyist Dennis Porter will take the stage. Porter announced that he will make a "big announcement" at the X Spaces event, organized by the Satoshi Action Fund, at 2:45 AM Turkish time. There's speculation that this announcement could be related to a bill in the US that would elevate Bitcoin to strategic reserve asset status like gold, or the "CLARITY Act," which would limit the SEC's authority over Bitcoin ETFs. Porter describes this development as a "turning point" for Bitcoin in Washington.
Market tensions high
Bitcoin is trading around $113,000 today, with a strong support line at $111,000. Ethereum is struggling to hold above $4,200. The Fear and Greed Index is at 40, in neutral territory. Opinions are divided among analysts; some interpret this decline as a signal of the end of the bull cycle, while others see the events as a classic "liquidity sell-off."
