$434 million flows out of digital assets
CoinShares reported net outflows of $434 million from digital asset investment products this week. U.S. September CPI came in above expectations at 0.6% month over month and 3.7% year over year. Retail sales also beat expectations, rising 0.8% month over month. The market sees a 75% probability that the Fed will hold rates steady in October and a 25% probability of a 25-basis-point hike, with expectations of another hike by year-end heating up.
Fund redemptions are directly draining spot buying demand. Market makers’ quote depth has thinned near BTC’s $28,000 level, while long-position liquidation levels are clustered below $27,500. In the short term, BTC may retest support at $27,800–$28,000; if that fails, the next level to watch is $27,200. ETH is likely to test $1,620–$1,640 in tandem, while high-beta SOL may pull back to $22.5–$23.0. A rebound near $28,800 could be a window to reduce positions.
For those of you holding spot, what’s your cost basis? Would you dare to buy the dip if BTC falls below $27,800?
$BTC $ETH $SOL
CoinShares reported net outflows of $434 million from digital asset investment products this week. U.S. September CPI came in above expectations at 0.6% month over month and 3.7% year over year. Retail sales also beat expectations, rising 0.8% month over month. The market sees a 75% probability that the Fed will hold rates steady in October and a 25% probability of a 25-basis-point hike, with expectations of another hike by year-end heating up.
Fund redemptions are directly draining spot buying demand. Market makers’ quote depth has thinned near BTC’s $28,000 level, while long-position liquidation levels are clustered below $27,500. In the short term, BTC may retest support at $27,800–$28,000; if that fails, the next level to watch is $27,200. ETH is likely to test $1,620–$1,640 in tandem, while high-beta SOL may pull back to $22.5–$23.0. A rebound near $28,800 could be a window to reduce positions.
For those of you holding spot, what’s your cost basis? Would you dare to buy the dip if BTC falls below $27,800?
$BTC $ETH $SOL