🚨 Bitcoin climbs back above $80,000, but $990 million flowed out of ETFs in one week
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On November 6, Bitcoin climbed back above $80,000, trading above its 100-week exponential moving average. The overall market rose about 2.38% that day, with its total market cap nearing $2.70 trillion.
The price chart looked good, but the money was moving in the opposite direction.
📊 Spot Bitcoin ETFs saw outflows of more than $115 million over the past 24 hours, bringing this week's total outflows to $990.98 million—less than $10 million short of $1 billion.
Miners are also on the move. MARA Holdings transferred 1,650 BTC, worth more than $132 million, to recipients including Galaxy Digital, Copper, and other platforms. Galaxy Digital received about 698 BTC, worth $56 million, while the rest went to Coinbase Custody.
🔸 The technical picture leaves two possibilities: if Bitcoin holds above this moving average, $90,000 is a clear supply zone, with the all-time high of $126,000 as the next level above; if it fails to hold, $60,000 is the reference level below, corresponding to the 0.618 retracement. The MACD has only just barely turned green, suggesting buyers have yet to take control.
💡 What really matters isn't the $80,000 level, but the fact that price and holdings are moving in opposite directions: ETFs are bleeding funds, while miners are moving coins to trading and custody platforms. Price is the result; holdings and cash flows are the causes—even the prettiest chart recovery needs buyers to absorb this selling pressure.
⚠️ The reverse is also true: these outflows won't necessarily all turn into sell orders, and custody transfers may simply reflect a change of position or collateral arrangements. But the data does show that supply is looser than it was last week.
📌 For now, just keep an eye on two things: whether ETF flows remain negative this week or turn positive, and whether MARA's coins continue moving on-chain to exchange addresses.
Would you put more faith in the chart or in the flow of funds?
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#比特币 #BTC #ETF #InstitutionalFunds
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On November 6, Bitcoin climbed back above $80,000, trading above its 100-week exponential moving average. The overall market rose about 2.38% that day, with its total market cap nearing $2.70 trillion.
The price chart looked good, but the money was moving in the opposite direction.
📊 Spot Bitcoin ETFs saw outflows of more than $115 million over the past 24 hours, bringing this week's total outflows to $990.98 million—less than $10 million short of $1 billion.
Miners are also on the move. MARA Holdings transferred 1,650 BTC, worth more than $132 million, to recipients including Galaxy Digital, Copper, and other platforms. Galaxy Digital received about 698 BTC, worth $56 million, while the rest went to Coinbase Custody.
🔸 The technical picture leaves two possibilities: if Bitcoin holds above this moving average, $90,000 is a clear supply zone, with the all-time high of $126,000 as the next level above; if it fails to hold, $60,000 is the reference level below, corresponding to the 0.618 retracement. The MACD has only just barely turned green, suggesting buyers have yet to take control.
💡 What really matters isn't the $80,000 level, but the fact that price and holdings are moving in opposite directions: ETFs are bleeding funds, while miners are moving coins to trading and custody platforms. Price is the result; holdings and cash flows are the causes—even the prettiest chart recovery needs buyers to absorb this selling pressure.
⚠️ The reverse is also true: these outflows won't necessarily all turn into sell orders, and custody transfers may simply reflect a change of position or collateral arrangements. But the data does show that supply is looser than it was last week.
📌 For now, just keep an eye on two things: whether ETF flows remain negative this week or turn positive, and whether MARA's coins continue moving on-chain to exchange addresses.
Would you put more faith in the chart or in the flow of funds?
Tap my avatar to watch the livestream + join my fan group for daily strategies 🚀
#比特币 #BTC #ETF #InstitutionalFunds
