Bitcoin ETF outflows surpass $300m: Watch key price levels

Spot Bitcoin exchange-traded funds in the US posted outflows of over $300 million this week as global macroeconomic events led to uncertainty about the short-term direction.

After closing the historically bearish month of September with inflows of over $1.1 billion, approximately $388.4 million exited 12-point Bitcoin ETF funds between October 1 and October 3. Low of $60,047.

Better-than-expected US payroll data on October 4 brought some relief to the market, allowing Bitcoin to reclaim the $62,000 level, while ETF products saw inflows of $25.59 million.

However, this recovery was not enough to completely offset the impact of the three-day breakout streak.

Since September 13, there have been approximately $1.91 billion in inflows into spot Bitcoin ETFs for three consecutive weeks, but this week’s outflows caused these funds to finish the first week of October in negative territory, with outflows of $301.54 million, according to SoSoValue data. caused.

Looking at activity over the last trading day, Bitwise’s BITB saw the most inflows, while seven of the twelve Bitcoin ETF products, including BlackRock’s IBIT, saw no movement.

Bitwise’s BITB led the way with inflows of $15.29 million. Fidelity’s FBTC, $13.63 million. ARK and 21Shares’ ARKB saw its debut this week, bringing in $5.29 million. VanEck’s BTCW, $5.29 million. Grayscale’s GBTC recorded a breakout of $13.91. Analysts point to key levels

Aside from the ETF market, there has also been some selling pressure from Bitcoin miners, who have transferred approximately $143 million worth of Bitcoin (BTC) since September 29, according to crypto analyst Ali. See below:

Selling activity may intensify, according to Ali, who stated in the Next

This price represents the average cost at which short-term investors acquire their Bitcoin, and when the market falls below it, these holders are more inclined to sell in an attempt to minimize losses; This risks a “cascading sale” that could have greater impact. selling pressure.

Therefore, Ali advised investors to watch the $63,000 mark as the next key level that BTC must overcome to prevent further losses.

On the other hand, Crypto analyst Immortal pointed to a slightly higher short-term target of $64,000 and added that if the flagship cryptocurrency manages to break above this key resistance level, it could signal the beginning of a strong upward move.

However, on a longer time horizon, experts remain optimistic, citing Bitcoin’s historic Q4 performance and US interest rate cut expectations that could push prices towards the $72,000 range despite short-term volatility.

BTC price chart | Source: crypto.news

At the time of writing, Bitcoin was hovering just above $62,200, indicating a decline of over 5% in the past week.

Meanwhile, market sentiment appears to be recovering, with the Fear and Greed Index returning to a neutral 49, up from a more cautious 41 the previous day, according to data from Alternative.