The sharp increase in the inflows of exchange-traded funds (ETFs) over the last few days, amid rising institutional involvement in Bitcoin has attracted traders and analysts.
Today, the social trading platform X featured a notable post from popular trader Skew. highlighted Bitcoin is at risk due to the current capital influx.
Skew called out the phenomenon that he refers to as “headline curse,” The fact that over $500,000,000 has been poured into Bitcoin ETFs in the United States indicates an increase. institutional confidenceIt could also indicate a coming price correction.
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Market shifts are signaled by record high Bitcoin ETF inflows
BlackRock iShares Bitcoin Trust IBIT, the ETF that saw $526,000,000 in inflows alone on June 22. This is no different from previous instances where similar events led to significant price declines.
Bitcoin ETF Flow (US$ million) – 2024-07-22
TOTAL NET FLOW: 533.6
(Provisional data)IBIT: 526.7
FBTC: 23.7
BITB:
ARKB: 0
BTCO: 13.7
EZBC: 7.9
BRRR: 0
HODL: -38.4
BTCW: 0
GBTC: 0
DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 23, 2024
Skew noted that these high-inflow days are usually associated with market supply zones. This is when sellers start returning to the markets in search of price weakness.
The spike in the inflows is a result of a critical juncture Skew’s analysis of several factors in the market could set the stage for either bullish or bearish movements for cryptocurrency.
Skew proposed further in his analysis that the continuation of the current bullish momentum A few important indicators are key.
This includes a constant passive bid that limits spot buyers from capitalizing on dips in price, as well as the ability for spot takers continue to bidding while using the existing supply of spots, necessary to break the five-month barrier.
The absorption of the sellers is also a key factor. fundamental aspect It is important to address this issue to achieve new heights.
Skew notes that the increase in Bitcoin funds is an indication of positive developments, but it also tests the market at these critical levels for its ability to sustain demand. absorb selling pressure.
A large number of people have arrived on this day👇$BTC
As bullish as this is each other time IBIT reported mid – high 9 fig inflow days it occurred around market supply zonesSomewhat a headline curse
So in terms of actually trading this, the obvious part is now does the market sustain this… https://t.co/qdGwMAvVjl pic.twitter.com/iZ921tpKHW
— Skew Δ (@52kskew) July 23, 2024
Aiming Sell Pressure
Arkham Intelligence is a Blockchain analytics firm that has been criticized for its sales pressure. ???????????? revealed It is estimated that US taxpayers have transferred over $3.96 billion from The Bitcoin seized to Coinbase
Arkham Intelligence has added to the possible pressure on sales in a different way. report on XIt was also reported that Mt. Gox could be starting to sell Bitcoins again. Yesterday the exchange conducted a test transaction depositing $1 into 4 different Bitstamp addresses.
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Bitcoin’s price remains above $65,000 despite these potential pressures to sell. The asset is currently valued at $66,981 as of the date of this article.
Image from DALLE with TradingView Chart
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Source: www.newsbtc.com