【In Depth】Spot funds saw $244 million in outflows yesterday; price rebounded from $80.4K to $82.2K
On October 8 (U.S. time), Bitcoin spot funds recorded net outflows of $244 million in a single day. The outflows were nearly across the board: Fidelity alone saw $197 million leave, while just one small product posted a net inflow of about $4.71 million. On the same day, Ethereum spot funds saw another $72.54 million in outflows, marking their eighth consecutive trading day of net outflows. (Source: SoSoValue/PANews)
Funds are leaving, but spot prices are recovering. The intraday low this morning was $80.4K, and the price was around $81.8K in the morning, still below $82K. By the afternoon, it was about $82,245 (-0.57%), recovering to around $82.2K and nearly returning to last night's closing level. The high was $83.3K, while the low remained $80.4K. This is a recovery from the low, not the start of a new rally—the price has yet to reclaim $83K. Ethereum was around $2,487 (-3.04%) in the afternoon, and BNB around $740 (-3.64%). Total market cap was about $2.79 trillion, down 4.06% over 24 hours; the broader market remains weaker than the largest assets. (Source: Binance Spot/CoinGecko, as of 13:01 UTC+8)
The underlying structure is even weaker. In the 30 days through October 5, “new money” (corporate treasuries, stablecoin expansion, and U.S. spot funds) totaled about $4.9 billion, while realized market cap increased by $12.8 billion. New money accounted for less than 40% of that increase; the rest came from existing holdings changing hands at higher prices. Since September 21, four attempts to break above $87K have failed to hold. When the weekly candle closed above $85K over the weekend, about 86% of the coins sent to exchanges came from short-term holders who had held them for less than 155 days, and nearly all were in profit. That was the highest share for any day in the past year; it is usually below 40%. (Source: Glassnode/Cointelegraph)
1️⃣ The afternoon rebound to $82.2K does not explain yesterday’s $244 million outflow.
2️⃣ Ethereum has seen outflows for eight consecutive days and is weaker than Bitcoin. Don’t use a recovery in the largest assets as a benchmark for altcoins.
3️⃣ First, watch whether $82.2K can hold and whether the price can reclaim $83K. A break below $82K would put the price back in this morning’s $80.4K range.
Data sources: SoSoValue / PANews / Cointelegraph / Glassnode / CoinGecko / Binance Spot
$BTC
#深度 #现货基金 #Bitcoin
On October 8 (U.S. time), Bitcoin spot funds recorded net outflows of $244 million in a single day. The outflows were nearly across the board: Fidelity alone saw $197 million leave, while just one small product posted a net inflow of about $4.71 million. On the same day, Ethereum spot funds saw another $72.54 million in outflows, marking their eighth consecutive trading day of net outflows. (Source: SoSoValue/PANews)
Funds are leaving, but spot prices are recovering. The intraday low this morning was $80.4K, and the price was around $81.8K in the morning, still below $82K. By the afternoon, it was about $82,245 (-0.57%), recovering to around $82.2K and nearly returning to last night's closing level. The high was $83.3K, while the low remained $80.4K. This is a recovery from the low, not the start of a new rally—the price has yet to reclaim $83K. Ethereum was around $2,487 (-3.04%) in the afternoon, and BNB around $740 (-3.64%). Total market cap was about $2.79 trillion, down 4.06% over 24 hours; the broader market remains weaker than the largest assets. (Source: Binance Spot/CoinGecko, as of 13:01 UTC+8)
The underlying structure is even weaker. In the 30 days through October 5, “new money” (corporate treasuries, stablecoin expansion, and U.S. spot funds) totaled about $4.9 billion, while realized market cap increased by $12.8 billion. New money accounted for less than 40% of that increase; the rest came from existing holdings changing hands at higher prices. Since September 21, four attempts to break above $87K have failed to hold. When the weekly candle closed above $85K over the weekend, about 86% of the coins sent to exchanges came from short-term holders who had held them for less than 155 days, and nearly all were in profit. That was the highest share for any day in the past year; it is usually below 40%. (Source: Glassnode/Cointelegraph)
1️⃣ The afternoon rebound to $82.2K does not explain yesterday’s $244 million outflow.
2️⃣ Ethereum has seen outflows for eight consecutive days and is weaker than Bitcoin. Don’t use a recovery in the largest assets as a benchmark for altcoins.
3️⃣ First, watch whether $82.2K can hold and whether the price can reclaim $83K. A break below $82K would put the price back in this morning’s $80.4K range.
Data sources: SoSoValue / PANews / Cointelegraph / Glassnode / CoinGecko / Binance Spot
$BTC
#深度 #现货基金 #Bitcoin