Bitcoin ETFs Resist Despite Market Drop, $200 Million Inflow
Bitcoin ETFs attracted significant attention with $200 million inflows on August 8. Despite this promising start, inflow figures quickly reversed, recording a $90 million drop the next day, according to SoSoValue. Notable players Blackrock increased its holdings, while Grayscale chose to sell some.
Ethereum ETFs experienced a similar surge. According to the data, ETH ETFs saw net inflows of $98 million on August 6, while this figure dropped to -$15.7 million on August 9. According to CoinMarketCap, BTC and ETH prices have declined, with #BTC down 1.2% and #ETH down a significant 12% in the past week.
When examining the current status of Bitcoin using Centiment data, there are many signs that point to a potential bullish reversal. An improvement in the MVRV ratio, which indicates the ratio of market value to realized value, is usually seen as a positive signal. Also, a decrease in trading volume during a bear market is generally considered an indication that the downtrend is weakening.
Bitcoin’s whale trading count has remained consistently high over the past week, indicating significant trading activity among large holders. Despite the positive indicators in the MVRV ratio and trading volume, Bitcoin’s daily chart showed some worrying areas. The Relative Strength Index (RSI) and Money Flow Index (MFI) both showed downtrends, potentially indicating further price declines. Furthermore, the MACD is signaling a possible bullish crossover, while the Bollinger Bands suggest a test of resistance near the 20-day SMA. A successful breakout of this level could signal the start of a new bull rally.
In summary, while #Ethereum ETFs have largely mirrored the recent movements of #Bitcoin ETFs, the overall crypto market remains volatile. Indicators are pointing to potential signs of a recovery despite Bitcoin’s current bear phase. Investors should continue to monitor these trends closely, as the market's next moves could present both opportunities and challenges.
