US Bitcoin exchange-traded funds recorded outflows of more than $300 million this week, as global macroeconomic events raised uncertainty about the short-term trend.
After a historically bearish September close with inflows of more than $1.1 billion, approximately $388.4 million was transferred from the 12-point Bitcoin ETF between October 1 and October 3 coinciding with the escalating Iran-Israel conflict, pushing the price of Bitcoin to… Weekly level. Low $60,047.
On October 4, better-than-expected US payroll data brought some relief to the market, allowing Bitcoin to regain the $62,000 level, while ETF products saw inflows of $25.59 million.
However, this recovery was not enough to fully offset the impact of the three-day series of outflows.
Since September 13, three straight weeks of inflows have brought about $1.91 billion into bitcoin ETFs, but outflows this week caused these funds to end the first week of October in negative territory, with $301.54 million inflows, according to SoSoValue. Data.
Underscoring the recent trading day’s activity, Bitwise’s BITB saw the most inflows, while seven out of twelve Bitcoin ETF products, including BlackRock’s IBIT, saw no movement.
- Bitwise’s BITB led with inflows of $15.29 million.
- Fidelity FBTC, $13.63 million.
- ARK and 21Shares’ ARKB saw its first influx this week, bringing in $5.29 million.
- VanEck’s BTCW, $5.29 million.
- Grayscale’s GBTC recorded outflows of $13.91.
Analysts point to key levels
Besides the ETF market, some selling pressure also came from Bitcoin miners, who, according to cryptocurrency analyst Ali, have offloaded nearly $143 million worth of Bitcoin (BTC) since September 29. see below:
Selling activity could intensify, according to Ali, who noted in the X suffix mail That Bitcoin was trading below the price achieved for short-term holders, which currently stands at $63,000.
This price represents the average cost at which short-term investors acquired their Bitcoin, and when the market drops below it, these holders are more inclined to sell in an attempt to minimize losses – risking a “cascading sell-off” that can To exert more selling pressure.
As such, Ali advised investors to keep an eye on the $63,000 mark as the next key level that BTC must overcome to avoid further losses.
On the other hand, the cryptocurrency analyst is immortal He pointed out to a slightly higher short-term target of $64,000, adding that if the major cryptocurrency can break above this key resistance level, it could signal the beginning of a strong upward movement.
However, on a longer time frame, experts remain optimistic, citing Bitcoin’s historic Q4 performance and expectations of interest rate cuts in the US, which could push prices towards the $72,000 range despite short-term volatility.
At the time of writing, Bitcoin is hovering just above $62,200, representing a decline of more than 5% in the past week.
Meanwhile, market sentiment appears to be improving, with the Fear and Greed Index returning to a neutral level of 49, up from a more cautious 41 the day before, according to data from substitute.