Federal Reserve hawkish signals + ETF net outflows, short-term selling pressure remains, but the year-end rate cut expectations haven't changed, waiting for an emotional turning point

Bitcoin has continued to trade below $64,000 on Thursday, weighed down by hawkish signals from the Federal Reserve and uncertainty in institutional demand. The Federal Reserve kept interest rates unchanged, but the dot plot points to 3.8% by year-end, with an approximately 85% chance of a rate hike in December. The strengthening of the U.S. dollar and U.S. Treasuries has compressed demand for risk assets; Bitcoin spot ETFs saw net outflows of $82 million on Wednesday, indicating institutions remain cautious amid macroeconomic uncertainty.