$BTC fell again by 82,000; $ETH dropped below 2,500. The near-term trend looks weaker, and a bounce needs confirmation from buy-side support.
According to the Binance price page, as of 00:14 Beijing time on October 9, $BTC is around $81,012 USD, down 2.96% over the past 24 hours, with a low of $80,790. At 00:56, $ETH is around $2,421 USD, down 5.68% over the past 24 hours, with a low of $2,412. The above are the displayed quotes at each respective time point. (binance.com, binance.com)
Funding pressure remains the key: on October 7, the U.S. $BTC spot ETF saw net outflows of $484.9 million, while $ETH saw net outflows of $160.9 million, for a total of $645.8 million. $ETH has recorded net outflows for seven consecutive trading days, and ETF demand remains relatively weak. (farside.co.uk, farside.co.uk)
My take: the prior rebound was not sustained, so it’s prudent to stay cautious in the near term. ETF redemptions weaken funding support, but we cannot attribute this entire round of downside solely to ETFs—and we also cannot conclude that a broad leveraged liquidation has occurred based only on price decline.
Next, watch the psychological levels of $80,000 for $BTC and $2,400 for $ETH . If they cannot be reclaimed after breaking below, volatility risk may expand. If they can regain and hold above 82,000 for $BTC and 2,500 for $ETH , along with an increase in spot buying, that would help improve the near-term structure.
This rebound—will we actually see funds returning?
Source: Binance, Farside.
#Bitcoin #Ethereum #crypto market
According to the Binance price page, as of 00:14 Beijing time on October 9, $BTC is around $81,012 USD, down 2.96% over the past 24 hours, with a low of $80,790. At 00:56, $ETH is around $2,421 USD, down 5.68% over the past 24 hours, with a low of $2,412. The above are the displayed quotes at each respective time point. (binance.com, binance.com)
Funding pressure remains the key: on October 7, the U.S. $BTC spot ETF saw net outflows of $484.9 million, while $ETH saw net outflows of $160.9 million, for a total of $645.8 million. $ETH has recorded net outflows for seven consecutive trading days, and ETF demand remains relatively weak. (farside.co.uk, farside.co.uk)
My take: the prior rebound was not sustained, so it’s prudent to stay cautious in the near term. ETF redemptions weaken funding support, but we cannot attribute this entire round of downside solely to ETFs—and we also cannot conclude that a broad leveraged liquidation has occurred based only on price decline.
Next, watch the psychological levels of $80,000 for $BTC and $2,400 for $ETH . If they cannot be reclaimed after breaking below, volatility risk may expand. If they can regain and hold above 82,000 for $BTC and 2,500 for $ETH , along with an increase in spot buying, that would help improve the near-term structure.
This rebound—will we actually see funds returning?
Source: Binance, Farside.
#Bitcoin #Ethereum #crypto market