BTC broke down again, hitting a low of 68,527 today—a new 60-day low. This morning I said that breaking down would actually put me at ease. Looking at it now, I spoke too soon.
I also pulled up the ETF figures and checked them. From October 30 through today, there have been net outflows of at least $2.57 billion over ten trading days. Only November 4 was positive; all the other nine days saw money flow out. The money really is being pulled out, and it’s been happening for more than half a month.
But I don’t want to link these two things directly. Spread over ten days, $2.5 billion comes to just over $200 million a day, which really isn’t much compared with BTC’s daily trading volume. Today it plunged from 71,460 to 68,527, down 3.5% in a day. The ETF figures yesterday showed just $47.7 million in inflows, and IBIT and FBTC still haven’t reported. Long-term money can’t move this fast; it was futures contracts that drove the sell-off.
I’ve had to revise this figure twice in the past few days. On the 9th, it was initially listed as a positive $12 million, then changed to negative $200 million the next day. So don’t rush to use it to explain today’s drop. Let’s check again tomorrow.
$BTC #比特币 #ETF
I also pulled up the ETF figures and checked them. From October 30 through today, there have been net outflows of at least $2.57 billion over ten trading days. Only November 4 was positive; all the other nine days saw money flow out. The money really is being pulled out, and it’s been happening for more than half a month.
But I don’t want to link these two things directly. Spread over ten days, $2.5 billion comes to just over $200 million a day, which really isn’t much compared with BTC’s daily trading volume. Today it plunged from 71,460 to 68,527, down 3.5% in a day. The ETF figures yesterday showed just $47.7 million in inflows, and IBIT and FBTC still haven’t reported. Long-term money can’t move this fast; it was futures contracts that drove the sell-off.
I’ve had to revise this figure twice in the past few days. On the 9th, it was initially listed as a positive $12 million, then changed to negative $200 million the next day. So don’t rush to use it to explain today’s drop. Let’s check again tomorrow.
$BTC #比特币 #ETF
