Checking the markets at 4 a.m., $BTC was back near $80,800, down less than 1% over 24 hours. It looks calm, but the divergence is in the details.
Over the past three days, U.S. spot Bitcoin ETFs have seen net inflows for three straight days, totaling about $424 million. Wednesday alone brought in $137 million. But the price hasn’t followed the money: yesterday it briefly fell below $79,700, only to climb back up in the early hours.
On the other hand, $ETH is having a very different experience: spot Ethereum ETFs have seen net outflows for four consecutive weeks, with about $1.32 billion flowing out in October. On-chain data also shows a large holder reducing their position by about 160,000 ETH over a few days, while the price hovers around $2,300.
My take: the same institutional investors are approaching BTC and ETH with two different strategies. With BTC, they’re looking to stabilize first; with ETH, they’re pulling back to wait and see. In the short term, whether BTC can hold above $80,000 matters more than how much ETFs take in on any given day, because inflows have provided support for three straight days, but the price still hasn’t held on.
Which side are you more bullish on: BTC stabilizing first, or ETH outflows slowing first?
Over the past three days, U.S. spot Bitcoin ETFs have seen net inflows for three straight days, totaling about $424 million. Wednesday alone brought in $137 million. But the price hasn’t followed the money: yesterday it briefly fell below $79,700, only to climb back up in the early hours.
On the other hand, $ETH is having a very different experience: spot Ethereum ETFs have seen net outflows for four consecutive weeks, with about $1.32 billion flowing out in October. On-chain data also shows a large holder reducing their position by about 160,000 ETH over a few days, while the price hovers around $2,300.
My take: the same institutional investors are approaching BTC and ETH with two different strategies. With BTC, they’re looking to stabilize first; with ETH, they’re pulling back to wait and see. In the short term, whether BTC can hold above $80,000 matters more than how much ETFs take in on any given day, because inflows have provided support for three straight days, but the price still hasn’t held on.
Which side are you more bullish on: BTC stabilizing first, or ETH outflows slowing first?