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The US spot Bitcoin exchange-traded fund recorded daily total net outflows for seven consecutive days, with a $211.15 million outflow on Sept. 5, according to the data from SoSo Value.

The largest daily net outflow of $287.78 million was noticed on Sept. 3  which reduced the total net assets from $53.78 billion to $52.69 billion. Simultaneous to the net outflows, BTC has been experiencing a negative change in values. 

On Sept 5., Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the most net daily outflow of $149.49 million, while Bitwise Bitcoin ETF experienced an outflow of $30 million. 

Although BTC started the week by trading around $59,000, Bitcoin is currently trading below the $56,000 mark after witnessing a 5.83% fall in seven days, according to the data from CoinMarketCap. 

Days before the Sept. 18 Federal Open Market Committee (FOMC) meeting, the overall crypto market has been witnessing a bearish sentiment as the Fear and Greed Index is valued at 22, showing extreme fear among investors. The crypto market cap also noticed a 1.09% decrease over the last day and is valued at $1.97 trillion. 

According to the CME Group, there is a 51% chance for a 50 basis point cut that could happen at the Sept. 18 FOMC meeting. 

Crypto Rover, a popular crypto analyst, claimed that the FED will almost start cutting the rates. Rover also shared a chart that showcased that a rate cut triggered a BTC bull run back in 2019. 

However, Arthur Hayes, the CEO of Maelstorm, expects the price to fall $50,000 and makes a risky trade of placing a short position. 

According to CoinMarketCap, BTC is valued at $55,900.72 after experiencing a surge of 0.32% in 24 hours, at the time of writing.