Judging from the liquidation chart and recent market performance, once the downward trend is formed, it is indeed difficult to end quickly. Yesterday, it was pointed out that the short-term rebound will be the second highest point, and the medium and long-term outlook will continue to be bearish. After the rebound, the market will continue to clear downwards, and the next target is 66200. The market is as expected, and it continues to fall after a short-term rebound, but the target has not yet been reached.
Today we continue yesterday's strategy, with a short-term rebound and a medium- and long-term target of 66,200. As for Bitcoin ETF, there was a net outflow of 54.9 million US dollars today, and BlackRock's Big Golden Dog could not withstand the selling pressure and chose to stop. None of them were bought, and other ETFs were also sold sporadically, ending the 8-day net inflow.
The 43rd week of spot Bitcoin ETFs showed a net flow of $2.216 billion, the fourth highest in history, with a trading volume of $16 billion. BlackRock had an inflow of $2.145 billion, the second highest in history.
Before the election results next Tuesday, ETFs will wait and see, waiting for the new president to take office to determine his attitude towards cryptocurrencies and then formulate their own crypto trading plans. It is predicted that buying will dry up next, which will further lead to a downward trend in market volatility.
In terms of holdings, the highest position during the day was 42 billion. After the market fluctuated up and down last night, the current position is 40.7 billion. The price yesterday morning and this morning were both 69,500, but the position was 1.3 billion US dollars less. Many investors were suffering last night. In an instant, they felt that the 74,000 new high bull market was coming, and in an instant, they felt that the crypto market seemed to be over.
ETFs are starting to take a break, and there is not much buying in the market. It is just before the election, and the market will definitely go up and down like crazy. How much will the 40.7 billion holdings be cut? Many people think that 40.7 billion US dollars is too much. This kind of market last night will appear frequently in the next few days, and the direction will not begin to appear until the presidential election.
