Bitcoin rebounds to $77,000 despite three-day ETF outflows

Bitcoin briefly reclaimed $77,000 on September 18, yet US spot Bitcoin ETFs recorded a third consecutive day of outflows, totaling approximately $770.5 million. Analysts suggest the rebound is driven by short covering in derivatives markets and improved risk sentiment following a decline in bond yields and oil prices, rather than institutional buying via ETFs. CryptoQuant data indicates that accumulation by large holders has slowed, suggesting the current price action is a technical recovery rather than a new wave of institutional bottom-fishing.