What were the main drivers of Bitcoin’s price action this week?

The article highlights how spot buying, derivatives positioning, and ETF flows combined with macro data releases to drive Bitcoin’s price. It explains whether the move was led by short covering, new spot demand, or risk-off sentiment tied to interest rate expectations and dollar strength.

How did Bitcoin ETFs impact the market in this weekly roundup?

The roundup reviews daily ETF inflows and outflows, noting whether U.S. spot Bitcoin ETFs saw net buying or selling. It explains how these flows compared with prior weeks and how they influenced liquidity, volatility, and overall market direction during the period covered.

What on-chain or derivatives signals stood out for Bitcoin this week?

The article examines key on-chain and derivatives metrics such as funding rates, open interest, realized profits and losses, and holder behavior. It identifies whether traders were overly leveraged, if long-term holders were distributing, and what these signals suggest for short-term Bitcoin risk and momentum.

What were the main drivers of Bitcoin price action this week?

Bitcoin price action this week was driven by a mix of spot ETF flows, shifting expectations for Federal Reserve rate cuts, and broader risk sentiment in equities. Onramp notes that while ETF demand remained constructive, overhangs from Mt. Gox distributions, miner selling, and election uncertainty kept BTC largely range-bound.

How did Bitcoin ETFs impact the market in this week’s roundup?

Onramp highlights that U.S. spot Bitcoin ETFs continued to see modest but steady inflows, helping to offset selling pressure from traders and miners. These ETF flows signaled ongoing institutional interest, but were not yet strong enough to trigger a decisive breakout given lingering macro and supply overhang risks.

What macro factors are influencing Bitcoin according to Onramp?

According to Onramp, Bitcoin is being shaped by evolving expectations for Fed rate cuts, inflation data, and equity market volatility. Tighter financial conditions and uncertainty around the economic outlook have capped upside, while BTC still benefits from its role as a hedge against long-term monetary debasement and policy missteps.

What are the key risks for Bitcoin mentioned in this weekly analysis?

Onramp flags several near-term risks: potential selling from Mt. Gox creditors, ongoing miner liquidations after the halving, and volatility around upcoming elections and regulatory headlines. These factors could create sharp drawdowns even if the longer-term Bitcoin adoption and supply dynamics remain bullish.

How does Onramp view Bitcoin’s medium-term outlook in this report?

Onramp’s medium-term outlook remains constructive, emphasizing Bitcoin’s fixed supply, growing institutional access through ETFs, and resilient long-term holder behavior. However, the report stresses that investors should expect choppy, range-bound trading in the near term as the market digests supply overhangs and macro uncertainty.

9/18/25 Roundup: Nashville Notes & The Fed's Third Mandate

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9/18/25 Roundup: Nashville Notes & The Fed's Third Mandate – Onramp

"BTC/Gold ratio bottomed here the last two years. Gold led, now it’s Bitcoin’s turn. Catch-up mode into year-end."

— Tephra Digital on X

Quote of the Week

"The established sequence:

1. Gold moves up. It outperforms BTC for weeks or months while BTC is quiet or drops.

2. Gold’s outperformance over BTC begins to slow, then reverse.

3. BTC catches up and vastly outperforms gold and other assets.

If this gold/BTC cycle plays out like previous ones, we’ve entered #2."

— MacroScope on X

Podcasts of the Week

Monetary Reset Is Here: Bitcoin, Gold & the End of the Fed?

In this episode of The Last Trade, hosts Jackson Mikalic, Michael Tanguma, & Brian Cubellis break down Treasury vs Fed power plays, stablecoins as dollar statecraft, gold leading, bitcoin follows, sovereign & TradFi adoption, the bottleneck of custody & more!

The Last Trade: The Death of Fiat Denominated Venture Capital

In this special episode of The Last Trade, we unpack Early Riders' launch of The Stables—a basecamp for bitcoin founders and innovation in Texas Hill Country—why we built it, what we’re funding, and how sound building beats noise.

Tether's Fedcoin, Thailand Banking Crisis, & The Shifting Monetary Order

In this episode of Final Settlement, hosts Michael Tanguma, Liam Nelson, & Brian Cubellis break down Tether's Fedcoin, the Thailand banking crisis, Nepal uprising, open-source coordination, AI agents & micropayments on bitcoin rails, key deals of the week & more!

Introducing Bitcoin for Businesses: The Supercycle Catalyst

Presented collaboratively by Onramp Media, Early Riders, and Acropolis, this new podcast aims to turn headlines into operator decisions. All businesses big and small need bitcoin, and this show will serve as their playbook.

Closing Note

Onramp provides bitcoin financial services built on multi-institution custody. To learn more about our products for individuals and institutions, schedule a consultation to chat with us about your situation and needs.

Until next week,

Brian Cubellis

9/18/25 Roundup: Nashville Notes & The Fed's Third Mandate

Custody & the Next Phase of Institutional Bitcoin Adoption

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