Bitcoin starts to come under sustained pressure
Recently, we really can’t just keep thinking about buying the dip.
$BTC has already returned to around $77,400. The entire crypto market’s total market cap has fallen nearly 4% over the past 24 hours.
I’ve been reminding everyone to pay attention to ETF fund flows, and now there’s another signal worth watching:
In the most recent trading day, BTC ETF saw another net outflow of about $35.3 million.
However, over the past 7 days combined, there is still a net inflow of more than $1.1 billion, so we still can’t directly define this as institutions exiting.
The real trouble is the external environment.
Oil prices are rising, U.S. Treasury yields are climbing, and expectations for a Fed rate hike in September are heating up again. This kind of environment itself tends to suppress risk assets like BTC.
So right now, I’m a bit more cautious about BTC than I was at the end of August.
$77,000 is the first line of defense.
If it holds here and we manage to regain the $80,000 level, I still view this as high-level consolidation.
If the ETF continues to see outflows, and $77,000 also can’t hold, then this correction may still need to move lower.
$BTC
Recently, we really can’t just keep thinking about buying the dip.
$BTC has already returned to around $77,400. The entire crypto market’s total market cap has fallen nearly 4% over the past 24 hours.
I’ve been reminding everyone to pay attention to ETF fund flows, and now there’s another signal worth watching:
In the most recent trading day, BTC ETF saw another net outflow of about $35.3 million.
However, over the past 7 days combined, there is still a net inflow of more than $1.1 billion, so we still can’t directly define this as institutions exiting.
The real trouble is the external environment.
Oil prices are rising, U.S. Treasury yields are climbing, and expectations for a Fed rate hike in September are heating up again. This kind of environment itself tends to suppress risk assets like BTC.
So right now, I’m a bit more cautious about BTC than I was at the end of August.
$77,000 is the first line of defense.
If it holds here and we manage to regain the $80,000 level, I still view this as high-level consolidation.
If the ETF continues to see outflows, and $77,000 also can’t hold, then this correction may still need to move lower.
$BTC