Bitcoin (BTC) ETF Sees Outflow As Coin Plunges To Weekly Low

2024-10-24 21:00

On Tuesday, Bitcoin (BTC) exchange-traded funds (ETFs) experienced their first net negative flow in seven days. This comes amid the steady decline in market activity, which has caused the leading coin’s price to plummet to a weekly low.

As of this writing, Bitcoin trades at $66,776, noting a 2% price drop over the past week. With bearish sentiment steadily increasing around the coin, holders may need to prepare for potential further losses.

Bitcoin ETFs Record Outflows

Data from SosoValue shows that BTC spot ETFs experienced a net outflow of $79.09 million on Tuesday, breaking a streak of seven consecutive days of inflows that totaled over $2 billion.

Read more: Top 7 Platforms To Earn Bitcoin Sign-Up Bonuses in 2024

Total Bitcoin Spot ETF Net Inflow. Source: SosoValue

Tuesday’s negative flow was primarily due to a $134 million outflow from the ARK 21Shares Bitcoin ETF, as other ETF products saw either inflows or recorded no activity. Moreso, the largest ETF provider by assets under management, BlackRock’s iShares Bitcoin ETF (IBIT), recorded $43 million in inflows, significantly down from $329 million the previous day. 

This decline in institutional demand is largely attributed to the recent drop in Bitcoin’s value. Over the past week, the cryptocurrency has fallen by 2%, reaching its lowest price point in seven days as of press time.

BeInCrypto’s assessment of its momentum indicators has revealed the gradual growth in bearish sentiment toward the leading coin. For example, readings from its Moving average convergence/divergence (MACD) show its MACD line (blue) poised to cross below its trend line (orange). 

Bitcoin MACD. Source: TradingView

This indicator measures an asset’s price trends and momentum and identifies potential buy or sell signals. When set up this way, it confirms increased selling pressure in the market. The potential crossover suggests that the asset’s price momentum is weakening, and a downward trend or correction could follow.

BTC Price Prediction: Coin Has Only Two Options

Bitcoin’s price is falling toward its 20-day exponential moving average (EMA), which measures its average price over the past 20 trading days. 

Bitcoin 20-Day EMA. Source: TradingView

When an asset’s price falls toward this level, it suggests the asset is pulling back but may find support around the 20-day EMA. If the price fails to hold above the 20-day EMA and breaks below it, this significantly increases the possibility of a trend reversal. It suggests that bearish sentiment is growing, and further downside might follow.

As of this writing, Bitcoin is trading at $66,776. This is just above the previous resistance level of $64,543, which it recently flipped into support.

If the growing bearish sentiment causes this support to fail upon retest, Bitcoin’s price could drop toward its next major support at $61,686. Should BTC bears break through this level, the price may plunge further to $58,828.

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

Bitcoin Price Analysis. Source: TradingView

However, if market sentiment improves and bullish momentum builds, Bitcoin could rally toward $68,612. Clearing this resistance would position BTC for a potential run to reclaim its all-time high of $73,794.

The post Bitcoin (BTC) ETF Sees Outflow As Coin Plunges To Weekly Low appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 82789.46 (+0.24%)
Объем 24H $28.871b
Изменеия 24h: -0.74 %, 7d: -6.89 %
Cегодня L: $80441.76 - H: $82810.23
Капитализация $1642.272b Rank 1
Цена в час новости $ 67381 (22.87%)

bitcoin btc plunges weekly low coin etf

bitcoin btc → Результатов: 126


Фото:

El Salvador Buys The Dip Scooping Up 5 BTC — Despite IMF Pressure To Back Off Bitcoin

El Salvador bought a further 5 BTC for its national reserve, worth roughly $415,000, as the top crypto nosedived to sub-$83,000 on Monday, reversing Sunday’s price rally to $95,000. Continuing A Bitcoin Purchase Streak According to the El Salvador National Bitcoin Office, the Central American nation purchased 5 BTC, which is four more than its […]

2025-3-5 21:15


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00


MicroStrategy Strikes Again: $100 Million Bitcoin Purchase Signals Strong Market Confidence

MicroStrategy, the major enterprise software company that has evolved into a Bitcoin (BTC) investment platform, has captured attention once again with its latest purchase of $101 million in BTC. The company, led by chairman and co-founder Michael Saylor, has committed to utilizing perpetual preferred stock, common shares, and debt to fuel its ongoing Bitcoin purchasing strategy.

2025-1-7 06:00


Фото:

El Salvador now holds 6,000 BTC: can Bitcoin success story sustain?

El Salvador, the pioneering nation that made Bitcoin legal tender in 2021, has surpassed 6,000 BTC in its treasury, valued at $561.3 million as of the latest update. This milestone represents not only a strategic accumulation effort but also a bold economic experiment under President Nayib Bukele’s leadership. With a 105% unrealised return on its […]

2024-12-30 09:51