The post Bitcoin Spot ETF Outflows Surge, Yet Market Structure Remains Optimistic appeared first on Coinpedia Fintech News
Yesterday, the Bitcoin Spot ETF market recorded a negative flow of -18.60M. Since October 1, out of the total six market days, at least four reported negative flows. Meanwhile, in the last seven days, the Bitcoin market has seen a rise of around +1.5%. These contrary pictures, given by the Bitcoin Spot ETF flow and Bitcoin price momentum, create confusion. To clear this confusion, we need to do a detailed analysis. Let’s do it!
US Bitcoin Spot ETFs Record Major Outflows This Week
Yesterday, the Bitcoin Spot ETF market displayed a negative flow of -$18.60M. FBTC, which recorded a flow of -$48.80M, registered the highest outflow. GBTC, with -$9.40M, is closely followed. Notably, against the general trend, IBIT displayed an impressive positive flow of +$39.60M.
Since the beginning of this month, the general trend has been unfavorable. On the first day of the month itself, the BTC Spot ETF market demonstrated a negative flow of -$242.60M. On the 2nd and 3rd of the month, it recorded -$52.90M and -$54.20M, respectively. Interestingly, the trend was positive on the 4th and 7th of October, when the market showed +$25.60M and +$233.80M positive flows, respectively. Yesterday, as mentioned earlier, the market returned to the negative zone.
Bitcoin Market Structure Remains Bullish
In the last seven days, as noted in the intro, the BTC market has witnessed a mild growth of +1.5%. At the start of the month, the opening price of BTC was $63,347. Due to the Israel-Iran crisis, by the time of close, it slipped to a low of $60,764. On the second day, it further plummeted to $60,631. On October 3, buyers took control. By the sixth of October, it reached $62,813. Currently, the Bitcoin price is trying to break above the opening price of October 1.
Long-term crypto and stock investor Jelle, in his latest X post, notes that the market structure of Bitcoin remains bullish. The chart he shares along with the post shows how the Bitcoin price has formed higher lows lately.
In conclusion, while consecutive outflows from the Bitcoin Spot ETF market raise bearish concerns, Jelle’s observation about the bullish trend in the Bitcoin market shows why there is nothing to worry about Bitcoin’s future prospects right now.
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