Goldman Pushes Back Fed Cuts as Bitcoin ETFs Pull $75M
Key Summary
U.S. spot Bitcoin exchange-traded funds brought in $74.6M in net inflows on November 4, arresting a three-session exit wave totaling $1.16B. Fidelity and BlackRock experienced divergent capital movements while Goldman Sachs shifted its Federal Reserve rate-cut timeline to December 2026.
Key Bullets
- U.S. spot Bitcoin exchange-traded funds recorded $74.6 million in net inflows on November 4 after three straight sessions of heavy withdrawals.
- Fidelity led the session with $236.7 million in inflows into its fund while BlackRock registered $201.2 million in capital departures.
- Goldman Sachs revised its macroeconomic timeline to expect Federal Reserve rate reductions in December 2026 and March 2027.
- Bitcoin climbed back above $81,000 following a seven-week low near $75,600 during the recent U.S. election period.
Goldman Pushes Rate Cuts Into Late 2026
Goldman Sachs shifted its macroeconomic outlook on November 4, pushing expected Federal Reserve interest rate reductions back by one full quarter. According to published research from the banking institution, persistent inflation metrics and a resilient labor market forced the adjustment. Goldman now models rate cuts arriving in December 2026 and March 2027.
The revised institutional forecast points to energy costs keeping core personal consumption expenditures inflation near 3% across the period. Goldman economist David Mericle stated that lower inflation readings and further labor market softening remain prerequisites for any policy easing. Bank of America adopted an even more conservative posture, stripping its projected reductions from 2026 entirely and rescheduling them for the third quarter of 2027.
Spot Bitcoin ETFs Capture $75M Net Inflow
U.S. spot Bitcoin exchange-traded products registered $74.6M in net inflows on November 4, breaking a three-day withdrawal streak that had drained $1.16B from the sector. Order-book metrics monitored across major issuers showed stark divergence in capital allocation. Fidelity secured the lion share of fresh capital.
Fidelity Wise Origin Bitcoin Fund attracted $236.7M in fresh capital during the session. Bitwise added $15.2M, and ARK Invest absorbed $19.9M. BlackRock registered $201.2M in withdrawals, pushing its four-session losing streak to $935M. Institutional capital flows remained fractured.
Bitcoin Recovers Past $81,000 Threshold
Bitcoin climbed back above $81,000 on November 4, recovering from a seven-week low near $75,600 recorded during the recent U.S. election period. Market stabilization followed the midterm voting cycle. Traders digested competing signals from central bank rate forecasts and spot exchange-traded fund order books.
The delayed easing outlook poses a challenging macro backdrop for risk assets that typically benefit from falling borrowing costs. Yet the incoming ETF capital proves some institutional funds continue expanding exposure. Traders monitored the competing pressures closely.
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