Bitcoin ETFs See $258M Outflows as Price Hits Four-Week Low
On September 25, U.S. spot Bitcoin ETFs experienced a net outflow of $258 million, with BlackRock's IBIT being the only fund to see inflows. In contrast, Ethereum ETFs recorded a net outflow of $251 million, marking their fourth consecutive day of withdrawals.
- Market Movement: Bitcoin dropped to a four-week low of $108,700, raising concerns about whether the $109K support will hold.
- Profit Realization: Long-term holders have realized over 3.4 million BTC in profits, nearing levels associated with market tops, leading to a perceived "exhaustion" in the market.
- Potential Correction: Markus Thielen from 10x Research warned of a possible deeper correction if Bitcoin revisits its early September low of $107,500.
- Binance Insights: Despite selling pressure, Binance data suggests the decline is a natural correction, with Bitcoin dropping around 10%–11% from its all-time highs.
- Support Levels: Analysts believe unless Bitcoin breaks below the $109K–$110K support zone with more than a 15% drawdown, consolidation above current support followed by a retest of $118K–$122K is likely.
- Investor Behavior: The Spent Output Profit Ratio (SOPR) is slightly above 1 at 1.01, indicating some holders are selling at a loss, while the Short-Term Holder NUPL indicator is near zero, suggesting potential forced liquidations.
