Bitcoin ETF outflows are getting harder to ignore.
Over the last two sessions, spot BTC ETFs saw roughly $1.04B in outflows. Friday alone accounted for $643M, followed by another $399M on Monday. IBIT led the withdrawals.
The timing is interesting, especially with confidence shaken by the recent Binance security incident.
Even though Binance is working through the aftermath and withdrawals have resumed, it doesn't mean market sentiment recovers overnight.
Add today's US midterm elections and the uncertainty around crypto regulation, and it's easy to see why investors are becoming more cautious.
BTC is already struggling around $77K, so these outflows aren't helping.
My take: this looks like investors stepping back and reducing exposure during uncertainty. I'd rather watch how ETF flows and BTC price action develop over the next few days before drawing bigger conclusions.
$BTC
#BinanceIncidentReport #USMidtermElections #BinanceHourlyDepositsExceedWithdrawals
Over the last two sessions, spot BTC ETFs saw roughly $1.04B in outflows. Friday alone accounted for $643M, followed by another $399M on Monday. IBIT led the withdrawals.
The timing is interesting, especially with confidence shaken by the recent Binance security incident.
Even though Binance is working through the aftermath and withdrawals have resumed, it doesn't mean market sentiment recovers overnight.
Add today's US midterm elections and the uncertainty around crypto regulation, and it's easy to see why investors are becoming more cautious.
BTC is already struggling around $77K, so these outflows aren't helping.
My take: this looks like investors stepping back and reducing exposure during uncertainty. I'd rather watch how ETF flows and BTC price action develop over the next few days before drawing bigger conclusions.
$BTC
#BinanceIncidentReport #USMidtermElections #BinanceHourlyDepositsExceedWithdrawals