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Bitcoin traded at $64,406.04 on Wednesday, July 29, reclaiming the $64,000 level hours before the Federal Reserve’s policy decision. The rebound came despite a fourth straight session of spot ETF outflows and another chip-led selloff in South Korea. BTC remained above Tuesday’s low, but it still traded below its 50-day EMA near $64,938.
The Federal Open Market Committee is due to announce its decision at 2 p.m. ET after keeping the federal funds rate at 3.50% to 3.75% in June. CME FedWatch data showed a 70.1% probability of another hold and a 29.9% chance of a 25-basis-point increase. The probability of a rate hike was 24.4% one week earlier, reflecting a modest shift in market expectations ahead of the decision.
Bitcoin’s relative stability also stood out against renewed stress in South Korea. The KOSPI triggered a circuit breaker for a second consecutive session after falling 8.15% on Wednesday, a day after closing 10.84% lower. The comparison is imperfect because SK Hynix and Samsung Electronics account for more than half of the index’s weighting, concentrating much of the decline in chipmakers. Bitcoin’s roughly 1% gain contrasted with the KOSPI’s 8.15% intraday drop.
Over $400 billion has been wiped out from South Korea, Japan and Taiwan's stock markets.
KOSPI opened up 3%, then crashed more than -15% from its intraday high, triggering a circuit breaker for the 2nd straight day, a first in its history.
The crash is dragging down chip and… pic.twitter.com/G4RmeCY0Pq
— Bull Theory (@BullTheoryio) July 29, 2026
US spot Bitcoin ETFs recorded $49.75 million in net outflows on July 28, according to SoSoValue, extending their negative run to four consecutive trading sessions. The four-session total reached $526.65 million, including $225.18 million on July 23 and $240.08 million on July 24.
The latest withdrawal was concentrated in one fund rather than spread across the market. Farside Investors data showed BlackRock’s IBIT posting $54.8 million in net outflows. Grayscale’s Bitcoin Mini Trust attracted $5.1 million, partly offsetting the redemption and leaving the group with $49.7 million in total net outflows.
Four consecutive outflow sessions show that ETF demand weakened over the period. On July 28, the selling was limited to IBIT rather than spread across several issuers. Spot Bitcoin ETFs still held $77.23 billion in net assets, generated $1.40 billion in daily trading volume and retained $51.32 billion in cumulative net inflows.
Bitcoin had not yet cleared its 50-day exponential moving average near $64,938, while the 100-day EMA near $67,606 marked the next resistance level. The daily RSI near 47 remained below the neutral 50 mark, while MACD stayed negative, showing that momentum had not confirmed the rebound.
At $64,406.04, Bitcoin stood about $532 below its 50-day EMA as the Fed’s 2 p.m. ET decision approached.
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