Bitcoin Spot ETF Records a Net Inflow of $143 Million, Hitting a One-Month High
Despite Bitcoin’s brief dip below $54,000 on Friday, data from SoSo Value indicates that the US Bitcoin spot ETF experienced a total net inflow of $143 million yesterday, not only reversing the outflow trend of the previous two days but also marking a new high for the month. This suggests that investors buying Bitcoin through spot ETFs have increased during the recent market downturn.
Analyst: The Sell-Off Was Led by Novice Investors
Analyst Cauê Oliveira pointed out on the 4th that approximately $2.4 billion worth of Bitcoin, held for only 3 to 6 months, was heavily transferred and sold during the price drop. Oliveira further stated that entities holding Bitcoin for over a year have not shown signs of massive selling, indicating that true long-term holders remain steadfast. He suggested that these long-term holders or related institutions might be the ones accumulating during the dip.
Source: CryptoQuant
Potential Support Levels for Bitcoin
As for Bitcoin’s next move and whether the current market situation is a false rally, CryptoQuant analyst Axel Adler Jr. noted on the 4th that Bitcoin’s key support might be well below the current price, around $47,000. He did not rule out the possibility of another dip to test the lows.
Another analyst from CryptoCon today pointed out that Bitcoin’s price has rebounded from the second-level of the Magic Bands at $54,431, with the third-level target of $92,908 still in play. The analyst remains confident that BTC has not broken the second-level support and believes that the ultimate cycle peak has not yet been reached. However, he also mentioned that the price needs to return to $61,300 before Sunday to regain key supports like the 20-week EMA and maintain the bullish trend.
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