Bitcoin ETF

Bitcoin

Spot

Spot Bitcoin exchange-traded funds in the U.S. recorded outflows of over $300 million this week as global macroeconomic events sparked uncertainty over short-term direction. 
After closing the historically bearish September with <a href="https://crypto.news/bitcoin-etfs-hit-1b-weekly-inflows-fomo-driven-rally/" target="_blank">over $1.1 billion in inflows</a>, roughly $388.4 million moved out of the 12-spot Bitcoin ETF funds between Oct. 1 and Oct. 3 coinciding with the escalating Iran-Israel conflict, which pushed Bitcoin’s price to a weekly low of $60,047. 
On Oct. 4, better-than-expected U.S. payroll data <a href="https://crypto.news/uptober-cryptocurrencies-bounce-heading-into-octobers-first-weekend/" target="_blank">brought some relief</a> to the market, allowing Bitcoin to reclaim the $62,000 level, while ETF products saw $25.59 million in inflows.&nbsp; 
However, this recovery wasn’t enough to fully offset the impact of the three-day outflow streak.&nbsp; 
Since Sept. 13, three consecutive weeks of inflows brought in about $1.91 billion into spot Bitcoin ETFs, but this week’s outflows caused these funds to end the first week of October in negative territory, with $301.54 million flowing out, according to SoSoValue <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="nofollow">data</a>. 
Underlining the last trading day’s activity, Bitwise’s BITB saw the most inflows, while seven out of the twelve Bitcoin ETF products, including BlackRock’s IBIT, saw no movement. 
<ul class="wp-block-list"> 
 <li>Bitwise’s BITB led with inflows of $15.29 million.</li> 
 <li>Fidelity’s FBTC, $13.63 million.</li> 
 <li>ARK and 21Shares’ ARKB saw its first inflow this week, bringing in $5.29 million.</li> 
 <li>VanEck’s BTCW, $5.29 million.</li> 
 <li>Grayscale’s GBTC recorded outflows of $13.91.</li> 
</ul> 
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<h2 class="wp-block-heading" id="analysts-point-to-key-levels">Analysts point to key levels</h2> 
Besides the ETF market, some selling pressure also came from Bitcoin miners, who, according to crypto analyst Ali, have offloaded approximately $143 million worth of Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) since Sept. 29. See below: 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a> miners have sold 2,364 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">$BTC</a> in the past six days, worth around $143 million! <a rel="nofollow" href="https://t.co/1ZPo9sJPt7" target="_blank">pic.twitter.com/1ZPo9sJPt7</a>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1842247811917582489?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 4, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
The selling activity could intensify, according to Ali, who pointed out in a subsequent X <a href="https://x.com/ali_charts/status/1842440833787957617" target="_blank" rel="nofollow">post</a> that Bitcoin had been trading below the short-term holders’ realized price, which currently stands at $63,000. 
This price represents the average cost at which short-term investors acquired their Bitcoin, and when the market dips below it, these holders are more inclined to sell in an attempt to minimize losses—risking a “cascading sell-off” that could exert further selling pressure. 
As such, Ali advised investors to watch the $63,000 mark as the next key level that BTC needs to conquer to avoid further losses. 
On the other hand, Crypto analyst Immortal <a href="https://x.com/inmortalcrypto/status/1842200703810633835" target="_blank" rel="nofollow">pointed</a> to a slightly higher short-term target of $64,000, adding that if the flagship cryptocurrency manages to break above this key resistance level, it could signal the beginning of a strong bullish move. 
However, on a longer time frame, experts remain <a href="https://crypto.news/qcp-crypto-market-weakness-likely-short-term/" target="_blank">optimistic</a>, citing Bitcoin’s historical Q4 performance and expectations of U.S. rate cuts, which could drive prices toward the $72,000 range despite short-term volatility. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="544" src="https://crypto.news/app/uploads/2024/10/BTCUSDT_2024-10-05_17-31-00.png" alt="Bitcoin ETF outflows surpass $300m, analysts warn of key price levels - 21" class="wp-image-14301754">
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 BTC price chart | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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</figure> 
At the time of writing, Bitcoin was hovering just above $62,200, marking a drop of over 5% in the past week. 
Meanwhile, market sentiment appears to be picking up, with the Fear and Greed Index nudging back to a neutral 49, up from a more cautious 41 the previous day, per data from <a href="https://alternative.me/crypto/fear-and-greed-index/#google_vignette" target="_blank" rel="nofollow">Alternative</a>.&nbsp; 
 Read more: <a rel="" href="https://crypto.news/spot-bitcoin-etf-net-outflows-streak-hits-three-days-totaling-361-2m/"> Spot Bitcoin ETF net outflows streak hits three days, totaling $361.2m </a>

Bitcoin ETF outflows surpass $300m, analysts warn of key price levels

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