Bitcoin saw approximately 24,073 BTC withdrawn net from exchanges on October 5, the largest outflow in seven months. The shrinking amount of BTC held on exchanges could support prices, but the market downturn continues to exert pressure.
Bitcoin was trading at $83,654.15 at the time of reporting, after falling from around $85,000. ETF flows and exchange supply are among the supportive factors, while high U.S. Treasury yields continue to weigh on prices.
KEY CONTENT
Bitcoin held on exchanges fell to around 6.50% of total supply.
BTC has been repeatedly rejected at the $87,000 range, although each successive low has remained higher than the previous one.
ETF inflows are supporting the market, but an RSI below neutral has yet to confirm bullish momentum.
Bitcoin exchange outflows hit their highest level since March
Bitcoin recorded net outflows of approximately 24,073 BTC on Oct. 5, the largest since Mar. 1. According to Santiment data, the amount of BTC held on exchanges fell to around 6.50% of total supply.
Outflows from exchanges suggest Bitcoin may be moving to private wallets or custody solutions. As the share of BTC on exchanges declines, the supply readily available for trading also shrinks. However, this development alone is not enough to confirm that prices will rise.
Source: Santiment
Key Bitcoin and market figures
Bitcoin is facing mixed pressures from shrinking exchange supply and unfavorable market conditions. The figures below reflect the situation at the time of reporting.
Metric Figure Time or context Net Bitcoin exchange outflows Approximately 24,073 BTC On Oct. 5; the largest since Mar. 1 Share of BTC supply on exchanges Approximately 6.50% Of total Bitcoin supply Bitcoin price $83,654.15 After falling from the $85,000 range BTC price level repeatedly rejected Around $87,000 Successive lows remain higher than previous lows Cryptocurrency market capitalization $2.92 trillion Down 2.7% in 24 hours 10-year US Treasury yield Above 5.3% Pressuring Bitcoin 30-year US Treasury yield Above 5.6% Pressuring Bitcoin Bitcoin ETF inflows $321.48 million In October as of the time of reporting
High bond yields are hindering BTC’s recovery
High US Treasury yields continue to pressure Bitcoin. BTC fell from the $85,000 range and has repeatedly failed to break above the $87,000 range, although each successive low has remained higher than the previous one.
Source: TradingView
Weak US job growth has reduced expectations that the Federal Reserve (Fed) will pursue aggressive monetary tightening. Even so, high bond yields remain a headwind for BTC.
The Nasdaq and S&P 500 remain near record highs, in contrast with Bitcoin’s weakness. This divergence suggests BTC is more sensitive to borrowing costs and bond yields than it is supported by strength in the stock market.
Are ETF inflows enough to reinforce the uptrend?
Bitcoin ETF inflows are supporting the market, but they are not yet enough to confirm an uptrend. BTC price remains weak, and the Relative Strength Index (RSI) is significantly below the neutral level.
Bitcoin ETFs recorded inflows of $321.48 million in October as of the time of reporting. This, together with the decline in BTC held on exchanges, provides a basis for price support, but it is occurring alongside pressure from the broader market.
Source: SoSoValue
Whether BTC can break above the $87,000 range, along with RSI movements, ETF flows, and US bond yields, are factors to keep monitoring when assessing the strength of the recovery.
Summary
Bitcoin recorded its largest net outflow from exchanges in seven months, while the share of supply held on exchanges fell to around 6.50%. Shrinking tradable supply and ETF inflows could support prices, but BTC’s decline and high bond yields mean the recovery signal remains unclear.
Source: https://tintucbitcoin.com/24-000-btc-roi-san-khi-gia-duoi-87-000-usd-tang-hay-giam/
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