Yesterday, the Bitcoin Spot ETF market saw a negative flow of -$18.60 million. Since October 1, four out of six market days have reported negative flows. In contrast, the Bitcoin market has experienced a small rise of +1.5% over the past week. These conflicting signals from the Bitcoin Spot ETF flows and Bitcoin price momentum can be confusing.
To clarify the situation, let’s dive into a detailed analysis!
Yesterday, the Bitcoin Spot ETF market displayed a negative flow of -$18.60M. FBTC, which recorded a flow of -$48.80M, registered the highest outflow. GBTC, with -$9.40M, is closely followed. Notably, against the general trend, IBIT displayed an impressive positive flow of +$39.60M.
Since the start of October, the overall trend has been negative. On the first day, the BTC Spot ETF market recorded a significant -$242.60 million in outflows. On October 2 and 3, the market continued to decline, with flows of -$52.90 million and -$54.20 million, respectively. However, there were brief moments of positivity on October 4 and 7, showing +$25.60 million and +$233.80 million in flows, respectively. Unfortunately, yesterday’s figures pushed the market back into negative territory.
Over the past week, as mentioned earlier, the BTC market has seen a slight increase of +1.5%. At the start of the month, Bitcoin opened at $63,347. Due to the Israel-Iran crisis, it fell to a low of $60,764 by the end of the first day and dipped further to $60,631 the next day. However, on October 3, buyers took control, and by October 6, Bitcoin reached $62,813. Currently, the price is trying to rise above its opening level from October 1.
Long-term crypto and stock investor Jelle recently shared insights on X, stating that the market structure of Bitcoin remains bullish. His accompanying chart shows how Bitcoin has been forming higher lows, which indicates a potential upward trend.
In conclusion, while the consecutive outflows from the Bitcoin Spot ETF market may raise concerns, Jelle’s observations about the bullish trend in Bitcoin suggest there is no need to worry about its future prospects.
Stay tuned to Coinpedia for more insightful market analysis on Bitcoin!
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