After five days of impressive inflow, a Bitcoin ETF experienced a $435.3 million outflow on the sixth day, coinciding with a decline in Bitcoin’s price. As of now, Bitcoin’s price has dropped below $92,000, marking a 3% decrease in the last 24 hours, according to CoinMarketCap. Despite the outflows in most Bitcoin ETFs, BlackRock’s IBIT remains the leader with $267 million in inflows.
However, Fidelity (FBTC), Bitwise (BITB), and Ark (ARKB) faced massive outflows on the sixth day, with $134.7 million, $280.7 million, and $110.9 million, respectively. Additionally, Bloomberg ETF analyst Eric Balchunas has pointed out that long-term Bitcoin holders have begun selling their assets, contributing to the overall price drop.
Despite selling pressure from long-term holders, U.S. Spot Bitcoin ETFs have absorbed 90% of this selling pressure, indicating growing demand among institutional investors. Bitcoin is currently experiencing a bearish trend, with the critical support level being $93,257. A break below this mark could test the 100-day Simple Moving Average (SMA) on the 4-hour chart.
The SMA can act as temporary support, but a failure to hold above it could suggest further weakness and potentially trigger a deeper correction towards lower support zones. Meanwhile, the daily RSI has dropped from the overbought zone to 63%, indicating a shift in market sentiment. This suggests that buying pressure is waning, and the bullish momentum is weakening.
A continued move away from the overbought zone could lead to the consolidation phase.
Source
<p>The post Bitcoin ETFs Facing Outflows Amid Price Drop & Selling Pressure first appeared on CoinBuzzFeed.</p>
