ETF outflows did not stop at 30 October, and the latest print keeps the pressure on Bitcoin. 📉
OwlChart reported on 3 November that United States spot Bitcoin ETFs had a net outflow of 398.6 million dollars on 2 November, the last reported day, and a net outflow of 738.9 million dollars over 7 trading days. 📰 My reading is that this turns a one day shock into a streak, because the 643 million dollar outflow on 30 October already showed institutions stepping back, and a second large outflow days later shows they have not rushed back in. Until ETF money turns positive again, every Bitcoin bounce is fighting a missing buyer, no matter how cheap the chart looks.
Do ETF flows turn positive before Friday jobs data, or does the outflow streak run longer? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #BitcoinETF
OwlChart reported on 3 November that United States spot Bitcoin ETFs had a net outflow of 398.6 million dollars on 2 November, the last reported day, and a net outflow of 738.9 million dollars over 7 trading days. 📰 My reading is that this turns a one day shock into a streak, because the 643 million dollar outflow on 30 October already showed institutions stepping back, and a second large outflow days later shows they have not rushed back in. Until ETF money turns positive again, every Bitcoin bounce is fighting a missing buyer, no matter how cheap the chart looks.
Do ETF flows turn positive before Friday jobs data, or does the outflow streak run longer? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #BitcoinETF
