Bitcoin continued to lose momentum on September 28, cooling off after its rapid rise in recent weeks. This came as a new surge in macroeconomic uncertainty put pressure on risk assets. UNN reports, citing Bloomberg.
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The original cryptocurrency fell 2.3% to $82,568 before partially recovering its losses. At the start of morning trading in New York, it remained below $83,000.
Other digital assets also declined: Ether, the second-largest token, fell 1.9%, while Solana dropped 3.9%.
The macroeconomic environment is putting pressure on cryptocurrencies. Cryptocurrencies fell along with stocks and bonds after U.S. President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, while oil continued its rise.
These moves come as markets are also assessing the decision by the U.S. Federal Reserve earlier this month to raise interest rates, while traders are beginning to assess the likelihood of another hike in October.
The correction followed a rally at the beginning of last week that briefly pushed bitcoin above $87,000, its highest level since January. Institutional demand also increased, and exchange-traded funds investing in bitcoin attracted their largest weekly net inflow since the token reached a record high above $126,000 in October last year.
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Nevertheless, some investors view bitcoin’s recent weakness as a pause after the strong gains seen earlier, rather than the end of its positive momentum.
"I don’t think the rally has lost confidence simply because of the weakness of the last few days, which would be expected at some point given the recent strength," said Richard Galvin, executive chairman of crypto investment firm DACM.
U.S. spot bitcoin ETFs attracted about $2.4 billion in the week ending September 25, the largest weekly inflow since the period ending October 10, when inflows exceeded $2.7 billion. This occurred immediately before the sell-off that lasted for most of 2026.
The recent surge proved sufficient to push ETFs into positive territory for the year. After outflows of more than $5 billion through the end of July, the funds reversed that trend and are now approaching a net inflow of $1 billion for 2026.
A Strong Quarter
Bitcoin has posted rapid growth over the past month. The token has risen approximately 28% since August 19, when the U.S. Treasury Department announced an increase in long-term bond buybacks. It is now on track for its best quarterly performance since the fourth quarter of 2024, when the reelection of Donald Trump, who campaigned on a platform favorable to cryptocurrencies, helped bitcoin rise 47%.
The move marks a significant recovery after the first half of the year, although bitcoin remains substantially below its October high. From July through September, the token rose more than 40%, offsetting a 14% decline in the previous quarter.
Bitcoin has demonstrated relative resilience in the face of recent developments viewed as potentially damaging to the industry. In addition to the Fed’s rate hike, the U.S. Senate recently failed to advance the crypto-focused Clarity Act, which crypto companies seeking clearer rules in the country had eagerly awaited.
Bitcoin is also becoming increasingly intertwined with broader conditions in the Treasury market and liquidity. Higher Treasury yields—which are now higher than before the August 19 buyback announcement—could make non-yielding assets such as bitcoin less attractive, particularly when investors expect central banks to maintain high interest rates.
"For bitcoin to break through its 2026 highs, a favorable macroeconomic environment is likely necessary," said Damien Lo, chief investment officer at Ericsenz Capital.
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