Institutional money is moving out, but the coin price hasn’t fallen — that’s the most interesting divergence in the crypto market this week.
SoSoValue data shows that U.S. spot Bitcoin ETFs saw net outflows of $681 million last week, the largest single-week redemption since June, ending the previous three-week streak of net inflows. The selling was highly concentrated on October 7 and 8: BlackRock’s IBIT alone saw $208 million redeemed on the 7th, and Fidelity’s FBTC also saw $105 million leave. Fortunately, a small net inflow of $21.1 million appeared on the 9th, offering a bit of relief.
But the surprising part is that $BTC Monday still held above the $84,000 level, even briefly touching a high above $84,000 over the weekend. Institutions were selling, yet the price didn’t drop, which suggests this wave of selling pressure was firmly absorbed by spot buyers — shorts were even squeezed a bit. Analysts are viewing $82,000 as the key support level; only a break below that would raise the risk of a deeper correction.
The real test comes on Wednesday: the U.S. September CPI will be released on October 14. Inflation data will shape expectations for rate cuts, and also determine when the institutional money that’s still on the sidelines will come back. Spot Ethereum ETFs have already declined for 9 straight days, and overall institutional sentiment remains cautious, but as long as inflation cools as expected, ETF inflows returning is only a matter of time.
Be patient — institutional de-risking doesn’t necessarily mean bearishness, it just means stepping aside for now and waiting for a signal.
#BitcoinETF
#BTC
The above does not constitute investment advice. DYOR. Trading involves risk.
SoSoValue data shows that U.S. spot Bitcoin ETFs saw net outflows of $681 million last week, the largest single-week redemption since June, ending the previous three-week streak of net inflows. The selling was highly concentrated on October 7 and 8: BlackRock’s IBIT alone saw $208 million redeemed on the 7th, and Fidelity’s FBTC also saw $105 million leave. Fortunately, a small net inflow of $21.1 million appeared on the 9th, offering a bit of relief.
But the surprising part is that $BTC Monday still held above the $84,000 level, even briefly touching a high above $84,000 over the weekend. Institutions were selling, yet the price didn’t drop, which suggests this wave of selling pressure was firmly absorbed by spot buyers — shorts were even squeezed a bit. Analysts are viewing $82,000 as the key support level; only a break below that would raise the risk of a deeper correction.
The real test comes on Wednesday: the U.S. September CPI will be released on October 14. Inflation data will shape expectations for rate cuts, and also determine when the institutional money that’s still on the sidelines will come back. Spot Ethereum ETFs have already declined for 9 straight days, and overall institutional sentiment remains cautious, but as long as inflation cools as expected, ETF inflows returning is only a matter of time.
Be patient — institutional de-risking doesn’t necessarily mean bearishness, it just means stepping aside for now and waiting for a signal.
#BitcoinETF
#BTC
The above does not constitute investment advice. DYOR. Trading involves risk.