$BTC This afternoon's move tells a pretty contradictory story about the flow of funds.
The ETFs are genuinely seeing outflows: $643 million left on October 30, followed by another $398.6 million on November 2. That's more than $1 billion over two days. SoSoValue and Farside's figures basically line up, and BlackRock's fund saw the biggest outflow on November 2, with $405 million leaving in a single day.
Leverage is taking a hit too: about $366 million was liquidated across the market in the past 24 hours, with long positions accounting for 84%. Put simply, those who chased the rally and went long over the past two days have mostly been wiped out.
But it's not all one-sided. Strategy went the other way and bought 811 BTC, worth about $65.5 million. Some are exiting, others are buying in—that's the market as it really stands right now.
My take on these figures: consecutive ETF outflows suggest institutions are cutting their positions, and liquidations show leverage is getting flushed out. But the spot price is still holding above $76,500, so spot selling hasn't reached the panic stage yet. It's understandable to be nervous, but don't throw your rules out the window.
The key levels are still the same: the current price is around $76,856, and $76,500 below is the last line of defense. If it breaks, $75,000 is in view. To the upside, price needs to reclaim $79,280 before we can talk about a trend reversal. At this level, I'm neither chasing shorts nor buying the dip—I'm just watching to see whether $76,500 holds.
There's also news that Binance's latest proof-of-reserves snapshot is scheduled for November 4. The midterm election vote count begins tonight, so the flow of funds will probably get choppy again. Don't get carried away with your position size.
Are you sitting on the sidelines with no position, or have you already placed an order around $76,500?
Personal analysis only; not investment advice.
#BTCfundflows: some are exiting while others are buying
The ETFs are genuinely seeing outflows: $643 million left on October 30, followed by another $398.6 million on November 2. That's more than $1 billion over two days. SoSoValue and Farside's figures basically line up, and BlackRock's fund saw the biggest outflow on November 2, with $405 million leaving in a single day.
Leverage is taking a hit too: about $366 million was liquidated across the market in the past 24 hours, with long positions accounting for 84%. Put simply, those who chased the rally and went long over the past two days have mostly been wiped out.
But it's not all one-sided. Strategy went the other way and bought 811 BTC, worth about $65.5 million. Some are exiting, others are buying in—that's the market as it really stands right now.
My take on these figures: consecutive ETF outflows suggest institutions are cutting their positions, and liquidations show leverage is getting flushed out. But the spot price is still holding above $76,500, so spot selling hasn't reached the panic stage yet. It's understandable to be nervous, but don't throw your rules out the window.
The key levels are still the same: the current price is around $76,856, and $76,500 below is the last line of defense. If it breaks, $75,000 is in view. To the upside, price needs to reclaim $79,280 before we can talk about a trend reversal. At this level, I'm neither chasing shorts nor buying the dip—I'm just watching to see whether $76,500 holds.
There's also news that Binance's latest proof-of-reserves snapshot is scheduled for November 4. The midterm election vote count begins tonight, so the flow of funds will probably get choppy again. Don't get carried away with your position size.
Are you sitting on the sidelines with no position, or have you already placed an order around $76,500?
Personal analysis only; not investment advice.
#BTCfundflows: some are exiting while others are buying
