Bitcoin Hits $79,499 as Zcash Rallies Despite ETF Outflows

Bitcoin climbs to $79,499 and Zcash surges 10% despite $54M in BTC ETF outflows. Investors eye upcoming Fed decision and U.S. inflation data.

The recent market recovery follows a session where U.S. spot crypto ETFs recorded renewed outflows, leaving investors cautious ahead of key U.S. inflation data and next week’s Federal Reserve decision.

Total crypto market capitalization reached $2.71 trillion, marking a 1.5% increase. The Fear and Greed Index currently sits at 74 points, remaining firmly within “Greed” territory.

At the time of writing, Bitcoin is trading at $79,499, reflecting a 1.5% gain over the last 24 hours and a 2.8% rise for the week. Ethereum added 1.8% to reach $2,517, while Solana is priced at $104.71 following a 2% daily increase.

XRP showed stronger momentum, climbing 4% on the day to $1.44, bringing its weekly gains to over 7%.

However, the most significant move among leading cryptocurrencies came from Zcash. ZEC is trading at $1,241 after gaining over 10% in 24 hours and nearly 49% over seven days. this surge continues a powerful rally that has propelled Zcash into the top ten cryptocurrencies by market capitalization.

Hyperliquid also maintains its upward trend. HYPE is trading around $86.58, up 3.1% for the day and over 5% for the week. Dogecoin added 2.2% to reach $0.091, while BNB was the outlier among major tokens, declining roughly 0.5% over the last 24 hours.

Bitcoin ETFs Break Winning Streak

The price recovery lacks support from a new wave of institutional buying. According to data from FarSide Investors, U.S. spot BTC ETFs saw a net outflow of approximately $54 million on September 8, just days after attracting hundreds of millions of dollars.

The heaviest pressure originated from the Grayscale Bitcoin Trust (GBTC), which saw $65.5 million in withdrawals. Fidelity’s FBTC recorded an additional $17.1 million outflow, while Invesco’s BTCO lost $4.7 million.

On the flip side, BlackRock’s IBIT attracted $10.7 million, Bitwise’s BITB saw $14.5 million, ARKB took in $8.1 million, and Morgan Stanley’s fund added $7.4 million.

This marks a sharp reversal from previous sessions. On September 3, BTC ETFs attracted $730.8 million, followed by another $174.6 million on September 4. For the entire week ending September 4, net inflows reached approximately $987 million.

In other words, the latest outflow currently appears to be a pause in a strong streak rather than a reversal of institutional interest.

Ethereum, Solana, and Hyperliquid Also Lack ETF Support

Flows for other crypto ETFs remained weak during the same period.

ETH funds ended September 8 with a net outflow of roughly $24.3 million. While Fidelity’s FETH attracted $9.9 million, this was offset by Grayscale withdrawals—$9.6 million from ETHE and $24.6 million from their smaller Ethereum fund.

Solana saw a net outflow of $0.7 million. 21Shares’ TSOL attracted $0.5 million, while Grayscale’s GSOL lost $1.2 million.

Clearer pressure was visible in Hyperliquid ETFs, which reported $13 million in outflows, including $8.1 million from Bitwise’s BHYP and $4.9 million from 21Shares’ THYP.

This stands in contrast to September 4, when HYPE funds had attracted $10.5 million.

XRP was the sole exception among altcoin funds. According to Coinglass data, the Franklin XRP ETF attracted approximately $1.55 million, while other products saw no significant flows.

Leverage Returns to the Market

The derivatives market reveals that traders are once again increasing their risk exposure. Open interest rose by 4% to $442.75 billion, while 24-hour derivatives trading volume grew by 18.5% to $716.28 billion.

Liquidations over the past 24 hours totaled roughly $205.6 million, split relatively evenly between both sides of the market—approximately $108 million in long positions and $98 million in shorts.

The combination of rising prices, higher open interest, and accelerating volume demonstrates a return of speculative activity. However, this comes without strong backing from ETF flows, leaving the price action more dependent on short-term positioning.

Inflation and the Fed Remain Primary Risks

Macroeconomic factors continue to define the boundaries of the current rally. Brent crude oil is trading near $100 per barrel, and 10-year U.S. Treasury yields remain around 4.8%. Markets are pricing in a nearly 60% probability of a Fed rate hike in September.

The next key signals will be U.S. producer and consumer price data ahead of the Fed meeting on September 15-16. These figures could determine whether Bitcoin can again challenge the upper end of its recent range near $82,000, or if the climb above $79,000 will be short-lived. Market participants highlight $75,000 and $82,000 as the critical levels to watch before the central bank’s decision.