📉💡 Attention Bitcoin traders! 🚨 An influential trader warns of a possible local price ceiling of $BTC after $530M inflows into ETFs.
📊Although institutional buying is booming, there could be a period of "profit taking" and price weakness, according to the latest analysis from Skew on X (formerly known as Twitter) on July 23. 🌐📉
🔹 Key Facts:
The largest US ETF, the BlackRock iShares Bitcoin Trust (IBIT), saw inflows of $526 million on June 22. Historically, days of large inflows have preceded significant BTC selling. In March, total net inflows into US spot ETFs were $533.6 million, matching BTC/USD's all-time high, followed by a drop of 25%.
🔹 Skew Analysis:
Skew highlights that, although the inflows are positive, they have also coincided with supply zones in the market, which could indicate an upcoming decline in price. He points out the need for constant demand and the absorption of supply to maintain current levels and enable an increase in prices.
🔹 Current Status:
Bitcoin was trading around $66,550, down 1.5% on the day. Ethereum (ETH) is also under the spotlight with the approval of spot ETFs, but its price has remained relatively flat, without the anticipated rise that some expected.
💬 Reflection: Will the market be able to maintain this demand and the momentum to reach higher prices? 🤔📈
📊 BTC/USDT Chart: The chart shows IBIT inflow spikes and their impact on the market.
