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Bitcoin ETF Outflows Reach $1.13 Billion Amid Market Uncertainty

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In the past seven trading days, spot Bitcoin (BTC) exchange-traded funds (ETFs) have witnessed significant outflows amounting to $1.13 billion.

This development has raised concerns among investors and traders about Bitcoin’s stability and future trajectory.

Behind the Spot Bitcoin ETF Outflows: Shifts in Market Sentiment and Dynamics

According to SoSo Value data, the spot Bitcoin ETFs have recorded outflows from June 13 until June 24. Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are the biggest contributors to these significant outflows, with $90 million and $35 million outflows as of June 24, respectively.

Read more: What Is a Bitcoin ETF?

Spot Bitcoin ETF Outflows for the Last Seven Trading Days.
Spot Bitcoin ETF Outflows for the Last Seven Trading Days. Source: SoSo Value

The crypto research firm 10x Research highlights that the current ETF selling contrasts sharply with the bullish buying seen in February and March, which was driven by perceived institutional adoption of Bitcoin. In today’s market, the bearish sentiment reflects ETF selling as institutions potentially exit the market, significantly impacting market confidence and trading behaviors.

This shift is evident in the actions of many multi-strategy hedge funds. Previously long on Bitcoin ETFs and short on Chicago Mercantile Exchange (CME) Bitcoin futures, these funds are now unwinding their positions. This decision, driven by an annualized funding rate below 10%, is reflected in the decline of open interest in Bitcoin CME futures, matching the volume of sold Bitcoin spot ETFs.

Bitcoin Open Interest. Source: 10x Research

Moreover, speculative trading activity in futures, driven by institutional buying through ETFs, has expanded the funding rate. Institutions adopted a delta-neutral strategy, buying ETFs and selling futures to lock in yields.

Arbitrage funds, which constitute 30-40% of the $14.2 billion Bitcoin ETF inflows, have traditionally leveraged a delta-neutral strategy by buying spot Bitcoin and selling futures. The current market conditions have prompted a reassessment of this strategy, reflecting a broader shift in institutional behavior and market sentiment.

Bitcoin ETF Buyers Flat as Market Faces Price Drop

Furthermore, 10x Research pointed out concerns about over-bullish sentiment regarding spot Ethereum ETFs, especially given the weak Bitcoin ETF inflows. This concern is amplified by the fact that the average Bitcoin ETF buyer is now flat, with an average entry price of $60,000-$61,000.

The continuous outflows from these ETFs coincide with Bitcoin’s current price movement. On June 24, Bitcoin’s price plummeted from $64,076 to $59,495, marking an approximately 7% decrease. According to 10x Research, several factors contributed to this sell-off, including distributions from Mt. Gox, sales by the German government, Bitcoin miners, ETFs, and OG wallets.

“Hypothetically, this adds up to $16-18 billion, similar to the year-to-date Bitcoin ETF inflows,” Markus Thielen from 10x Research noted.

10x Research has also identified multiple sell signals for Bitcoin. These signals include significant volatility and price range indicators predicting declines. These factors suggest deeper declines could occur before a potential rebound from lower levels.

However, 10x Research noted that Bitcoin is currently deeply oversold. Additionally, the Greed and Fear Index is at one of its lowest levels, often indicating market bottoms. This condition gives crypto influencers bullish sentiments, prompting them to advise buying the dip.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Despite the significant outflows from spot Bitcoin ETFs and the current BTC price situation, several institutional investors still show their bullishness toward the cryptocurrency. Earlier this week, corporates like MicroStrategy and Japanese firm Metaplanet announced significant Bitcoin purchases. Furthermore, spot Bitcoin ETFs in Hong Kong have seen an increase in Bitcoin amount, from 3,842 BTC on June 21 to $3,911 on June 24.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Exploring Upward Momentum and Bullish Prospects

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Should Investors See This as a Buying Chance?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Ethereum Reverses Course: Can ETH Bulls Save The Day?

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Ethereum price failed to climb above the $3,520 zone and corrected gains. ETH is now showing bearish signs below the $3,400 support zone.

  • Ethereum started a downside correction after it failed to surpass the $3,520 zone.
  • The price is trading below $3,400 and the 100-hourly Simple Moving Average.
  • There is a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is now at risk of more downsides below the $3,350 support zone.

Ethereum Price Dips Again

Ethereum price failed to continue higher above the $3,520 and $3,550 resistance levels. ETH formed a top near $3,520 and started a fresh decline like Bitcoin. There was a move below the $3,450 and $3,420 support levels.

The bears pushed the price below the 50% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high. It seems like the price trimmed most gains and might continue to move down below the $3,350 support zone.

Ethereum is trading below $3,400 and the 100-hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward wave from the $3,351 swing low to the $3,516 high.

If there is a recovery wave, the price might face resistance near the $3,400 level. There is also a key bearish trend line forming with resistance near $3,410 on the hourly chart of ETH/USD. The first major resistance is near the $3,435 level.

Ethereum Price

The next major hurdle is near the $3,465 level. A close above the $3,465 level might send Ether toward the $3,520 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher. Any more gains could send Ether toward the $3,650 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,410 resistance, it could continue to move down. Initial support on the downside is near $3,365. The first major support sits near the $3,350 zone.

A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,350

Major Resistance Level – $3,435



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