More important than the price is watching where the money is flowing.
According to COINOTAG, US spot $BTC ETFs saw net outflows of $430.2 million on November 5. Fidelity’s FBTC alone saw outflows of $199.9 million, bringing cumulative net outflows over the past five trading days to $1.51 billion. Spot $ETH ETFs saw net outflows of about $99.97 million that day, with BlackRock’s ETHA accounting for most of them.
The backdrop was a sharp sell-off in US tech stocks: the Nasdaq closed down 5.5%, shares of Strategy and Coinbase each fell about 10%, and BTC briefly plunged to around $75,000.
According to a view from Wintermute cited by The Block, key support levels below are $73,000 and $68,000, while a sustained move back above $80,000 would be needed for a recovery.
My take: consecutive net outflows from ETFs suggest institutions are also reducing risk, so don’t mistake a short-term rebound for a reversal. Today’s nonfarm payrolls report could also bring fresh volatility.
#BTC ETF #宏观 is for reference only and does not constitute investment advice.
According to COINOTAG, US spot $BTC ETFs saw net outflows of $430.2 million on November 5. Fidelity’s FBTC alone saw outflows of $199.9 million, bringing cumulative net outflows over the past five trading days to $1.51 billion. Spot $ETH ETFs saw net outflows of about $99.97 million that day, with BlackRock’s ETHA accounting for most of them.
The backdrop was a sharp sell-off in US tech stocks: the Nasdaq closed down 5.5%, shares of Strategy and Coinbase each fell about 10%, and BTC briefly plunged to around $75,000.
According to a view from Wintermute cited by The Block, key support levels below are $73,000 and $68,000, while a sustained move back above $80,000 would be needed for a recovery.
My take: consecutive net outflows from ETFs suggest institutions are also reducing risk, so don’t mistake a short-term rebound for a reversal. Today’s nonfarm payrolls report could also bring fresh volatility.
#BTC ETF #宏观 is for reference only and does not constitute investment advice.