📉 Bitcoin's been on a bit of a rollercoaster, folks! 🎢 It recently dipped below $60k, hitting a new local low of $58.5k.

- This comes as U.S. Bitcoin ETFs saw over $100 million outflows each trading day last week, totaling a whopping $544.1 million.

- Bitfinex analysts suggest this could be due to short-term negative news and negative funding rates.

But wait, there's more!

- Bitcoin futures open interest on platforms like the CME has also seen a steep decline.

- From a record high of $36.99 billion in June, it's now down to $33.3 billion.

Despite the bearish vibes, Bitfinex analysts think BTC could be nearing its bottom. They've noticed that heavy ETF outflows often correlate with the formation of local bottoms.

So, what's your take on this? Is Bitcoin about to bounce back, or is there more turbulence ahead? Share your thoughts in the comments! 👇 #Bitcoin #MarketTrends