$BTC Shorting is very rewarding right now! The price is at $82,600, about 34% below its all-time high, and every attempt to break through the $85,000–$87,000 zone this week has been met with selling, pushing it down to a low of $80,400.
Spot Bitcoin ETFs saw outflows of about $485 million on Wednesday (the largest since June 25) and $244 million on Thursday, bringing October's net outflows to about $407 million.
The price has returned to the ETF holders' average cost basis of around $81,722, and it looks like they're selling at breakeven. Meanwhile, open interest has risen to 447,000 BTC as the price has fallen, increasing the risk of liquidations.
Any bounce toward $85,000–$86,500 is a selling opportunity, and a break below $80,400 opens the way toward $75,585.
Spot Bitcoin ETFs saw outflows of about $485 million on Wednesday (the largest since June 25) and $244 million on Thursday, bringing October's net outflows to about $407 million.
The price has returned to the ETF holders' average cost basis of around $81,722, and it looks like they're selling at breakeven. Meanwhile, open interest has risen to 447,000 BTC as the price has fallen, increasing the risk of liquidations.
Any bounce toward $85,000–$86,500 is a selling opportunity, and a break below $80,400 opens the way toward $75,585.