Bitcoin’s on-chain demand indicator has turned negative again after rebounding in August. Cointelegraph reported that bitcoin briefly fell to around $76,400 on Sept. 1 before recovering part of the $77,000 level. The drop followed $236 million of outflows from spot bitcoin ETFs. Asian stock markets fell, while the dollar-yen pair showed unusual moves that markets read as a potential central bank intervention signal.

Rick Rieder (릭 리더), BlackRock\'s global bond chief investment officer and head of its global asset allocation team, said he remains optimistic on bitcoin even during a sharp decline. He played down short-term volatility and said bitcoin could eventually rise to a higher level and reach a new record high again. Rieder said BlackRock keeps its bitcoin exposure conservative. He also pointed to large cash holdings in money market funds as potential fuel for rapid reallocation.