In the midst of increasing institutional interest in Bitcoin, traders and analysts have been captivated by a sudden spike in ETF inflows in recent days.
A notable analysis was posted by the well-known trader Skew earlier today on social media platform X highlighted Bitcoin is at risk due to the current capital influx.
Skew was the first to point out what he calls the “headline curse,” The fact that over $500,000,000 has been poured into Bitcoin ETFs in the United States indicates an increase. institutional confidenceAlso, it could be an indication of impending price changes.
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Markets shifts as record-high Bitcoin ETF flows signal market changes
BlackRock iShares Bitcoin Trust IBIT, which received $526 millions in new inflows alone on Friday 22 June, has a long history of such events that have led to price declines.
Bitcoin ETF Flow (US$ million) – 2024-07-22
TOTAL NET FLOW: 533.6
(Provisional data)IBIT: 526.7
FBTC: 23.7
BITB:
ARKB: 0
BTCO: 13.7
EZBC: 7.9
BRRR: 0
HODL: -38.4
BTCW: 0
GBTC: 0
DEFI: 0For all the data & disclaimers visit:https://t.co/4ISlrCgZdk
— Farside Investors (@FarsideUK) July 23, 2024
Skew noted that these high-inflow days are usually associated with market supply zones. This is when sellers start returning to the markets in search of price weakness.
The spike in the inflows is a result of a critical juncture Skew’s analysis of several factors in the market could set the stage for a bullish or bearish move for cryptocurrency.
Skew also proposed that maintaining the current bullish momentum A few important indicators are key.
The spot bidders must be able to maintain their bidding in the current spot supply to overcome the supply barrier of five months.
Absorption is another important factor. fundamental aspect To reach all new highs, there are some issues that need to be resolved.
Skew notes that the increase in Bitcoin funds is an indication of positive developments, but it also tests the market at these critical levels for its ability to sustain demand. absorb selling pressure.
The day of large inflows continues👇$BTC
As bullish as this is each other time IBIT reported mid – high 9 fig inflow days it occurred around market supply zonesA headline that is a bit of a curse
So in terms of actually trading this, the obvious part is now does the market sustain this… https://t.co/qdGwMAvVjl pic.twitter.com/iZ921tpKHW
— Skew Δ (@52kskew) July 23, 2024
Selling Pressure is Impending
Arkham Intelligence is a Blockchain analytics firm that has been criticized for its sales pressure. Recently, revealed It is estimated that US taxpayers have transferred over $3.96 billion from Coinbase has received the Bitcoins seized.
Arkham Intelligence has added to the possible pressure on sales in another article. report on XIt was also reported that Mt. Gox could be moving forward with its Bitcoin sale. Yesterday, Gox made tests transactions by depositing $1 in 4 Bitstamp addresses.
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Bitcoin’s price remains above $65,000 despite these potential pressures to sell. The asset is currently valued at $66,981 as of the date of this article.
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Source: www.newsbtc.com
