BTC has fallen below $81,000 over the past two days. Who’s selling? 📉
I took a look at yesterday’s fund flows, and the sellers are clear:
1️⃣ Spot Bitcoin ETFs: Net outflows of $244 million on October 8. Fidelity’s FBTC alone saw $197 million in outflows. Franklin’s EZBC, which had the largest net inflow of the day, brought in just $4.71 million (SoSoValue).
2️⃣ Spot Ethereum ETFs: Net outflows for the 8th consecutive day, with $72.54 million out yesterday. BlackRock’s ETHA alone saw $71.12 million in outflows.
3️⃣ Mining company MARA: Lookonchain detected a sale of 996 BTC, worth about $81.13 million—roughly $81,500 per BTC—right in the middle of this downturn. It was also detected selling 15,133 BTC this March.
ETF redemptions and miner selling have both contributed to this downturn.
Sentiment hasn’t collapsed, though: The Fear & Greed Index is at 58 today, down 5 points from yesterday. Its 7-day average is 66, still in the greed zone. Prices have now recovered to around $82,000, and ETH has just climbed back above $2,500.
For those holding smaller positions, I’d watch two signals:
· When ETF flows turn from net outflows back to net inflows
· Whether miners’ selling is a one-off or ongoing
Until we see those signals, there’s a good chance of volatile swings around the $80,000 level. Keep leverage low.
Do you think $80,000 will hold? How long until ETF funds flow back in?
These are solely my personal views and do not constitute investment advice. DYOR.
#BitcoinFallsBelow81000 #BTC #ETF #MARA
I took a look at yesterday’s fund flows, and the sellers are clear:
1️⃣ Spot Bitcoin ETFs: Net outflows of $244 million on October 8. Fidelity’s FBTC alone saw $197 million in outflows. Franklin’s EZBC, which had the largest net inflow of the day, brought in just $4.71 million (SoSoValue).
2️⃣ Spot Ethereum ETFs: Net outflows for the 8th consecutive day, with $72.54 million out yesterday. BlackRock’s ETHA alone saw $71.12 million in outflows.
3️⃣ Mining company MARA: Lookonchain detected a sale of 996 BTC, worth about $81.13 million—roughly $81,500 per BTC—right in the middle of this downturn. It was also detected selling 15,133 BTC this March.
ETF redemptions and miner selling have both contributed to this downturn.
Sentiment hasn’t collapsed, though: The Fear & Greed Index is at 58 today, down 5 points from yesterday. Its 7-day average is 66, still in the greed zone. Prices have now recovered to around $82,000, and ETH has just climbed back above $2,500.
For those holding smaller positions, I’d watch two signals:
· When ETF flows turn from net outflows back to net inflows
· Whether miners’ selling is a one-off or ongoing
Until we see those signals, there’s a good chance of volatile swings around the $80,000 level. Keep leverage low.
Do you think $80,000 will hold? How long until ETF funds flow back in?
These are solely my personal views and do not constitute investment advice. DYOR.
#BitcoinFallsBelow81000 #BTC #ETF #MARA