Bitcoin Reclaims $77K as $2B ETF Outflows, China Stablecoin Discount

Bitcoin reclaimed $77,000 on Wednesday after U.S.-listed spot Bitcoin ETFs recorded $2 billion in net outflows over the seven days ending Tuesday and Chinese USD stablecoins traded at a 0.4% discount to the official USD/CNY exchange rate.

The weeklong ETF withdrawals totaled $2 billion through Tuesday. Traders assessed near-term downside risk following the flows as Bitcoin moved with broader risk assets rather than on crypto-specific news.

Bitcoin’s price action closely tracked the U.S. small-cap Russell 2000 index during the same period. Brent crude oil prices eased below $108, a factor noted alongside other macro variables that can affect risk assets.

On-chain and exchange data from China showed USD stablecoins trading at a 0.4% discount versus the official USD/CNY rate. Under typical conditions that measure often posts a premium in the range of 0.3% to 0.8% because of Chinese capital controls and the arbitrage risks local traders face.

Options market activity reflected increased demand for downside protection. On Tuesday, the volume of Bitcoin put options on Deribit exceeded call volume by 42%, reversing the prior week’s 56% call advantage.

U.S. Treasury yields rose as investors sold government bonds. Corporate developments in the technology sector included workforce reductions: one firm cut about 10% of jobs, another reduced staff by roughly 20%, and a third confirmed a reduction near 17%. Nvidia’s quarterly results were due after the U.S. market close, with investors watching for signs of competitive pressure from other chipmakers and cloud providers.

Market strategists emphasize that fund flows are typically backward-looking. Traders and investors said they will monitor upcoming corporate earnings, Treasury market moves and macroeconomic releases for signals about risk appetite and the direction of Bitcoin.