After 5 days of impressive inflow, a Bitcoin ETF broke its streak after $435.3 million outflowed on the sixth day amid dipping Bitcoin’s price. At the time of writing, Bitcoin has dropped below $92,000 with a 3% fall in the last 24 hours, according to CoinMarketCap.
Despite outflows in most Bitcoin ETFs, BlackRock’s IBIT is still leading the pack with $267 million in inflows. However, Fidelity (FBTC), Bitwise (BITB), and Ark (ARKB) faced massive outflows on the sixth day, with $134.7 million, $280.7 million, and $110.9 million, respectively.
Bitcoin ETFs Outflow Contributes Price Drop in BTC
On Monday, Bloomberg ETF analyst Eric Balchunas stated in a social media post that long-term Bitcoin holders have begun selling, which also contributes to the recent price dip in Bitcoin. He cited data showing that around 128,000 Bitcoins have been sold by these holders since late October.
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However, U.S. Spot Bitcoin ETFs have absorbed 90% of this selling pressure which shows growing demand among institutional investors.
Bitcoin is currently facing a bearish trend, revolving around the critical support level of $93,257. If BTC breaks below this mark, it could test the 100-day Simple Moving Average (SMA) on the 4-hour chart.
The SMA works as temporary support, but a failure to hold above it could indicate further weakness and potentially trigger a deeper correction toward lower support zones.
On the other hand, the daily RSI has dropped from the overbought zone to 63%, which shows a shift in market sentiment. This suggests that buying pressure is fading, and the bullish momentum is weakening. A continued move away from the overbought zone, the situation might start the consolidation phase.
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Also Read: Bitcoin Price Slips Below $93K But Here’s the Good News!
