Yesterday, Bitcoin ETF created the largest single-day net outflow since its opening, about $680 million. What's interesting is that after BlackRock stopped buying, the selling orders of other institutions were not taken over by the main compliant sellers. The market supply increased rapidly, causing the currency price to fall all the way. It is worth noting that before the Chinese New Year (Christmas) in Europe and the United States, funds will usually be withdrawn on such days. That is to say, it is difficult to have a large amount of funds supply before the holiday without special circumstances. Therefore, at least before Christmas, all rebounds can only be seen as rebounds, and a unilateral trend cannot be formed.
Therefore, in the short term, 102,800 above Bitcoin is a long-short dividing ridge. I personally think it is difficult to break through this point again before the holiday. It is highly likely that it will continue to fluctuate and adjust at this point. In addition, due to the sharp drop of DOGE XRP, a large amount of liquidity has been locked up. Without new funds, the liquidity in the market will be further tightened.
