As institutional investors’ interest in US spot Bitcoin ETFs grows, Bitcoin (BTC) must avoid the risk of a “local top.”

Popular analyst Mark Cullen warned of potential “ETF FOMO” in a statement on the X platform on October 30.

Institutional investors are generating net inflows of hundreds of millions of dollars daily into US spot Bitcoin ETFs. On October 30, these inflows reached nearly $900 million.

However, similar situations have led to prolonged consolidations in the BTC price in the past. “When Bitcoin ETF inflows exceed $900 million and the price is above $70,000, it could be a sign of a local top,” Cullen said.

According to CryptoQuant, the supply of BTC on OTC desks allows ETFs to make large purchases without affecting the price.

What do you think about this situation? Share your thoughts in the comments.