Bitcoin ETFs Attract $149M Inflows Despite Price Decline
Key Highlights:
- Bitcoin spot ETFs saw $149 million in net inflows on October 27, marking the third consecutive day of positive institutional demand.
- Ethereum ETFs attracted $134 million with no outflows across the nine funds.
- The Fear and Greed Index stands neutral at 42, indicating market caution.
Smart Accumulation on Binance
- On-chain data from CryptoQuant shows Bitcoin trading within a stable range for 120 days, suggesting "smart accumulation."
- The Spot-to-Perpetual Volume Ratio on Binance remains high, indicating persistent genuine spot demand.
- An increase in this ratio alongside a price breakout could confirm a new bullish phase.
Market Insights
- Glassnode reports Bitcoin's price stabilization with easing sell pressure and renewed buying activity.
- Derivatives data indicates reduced leverage and a balanced market, with traders opening long positions.
- Options activity is strong, but overall spot volumes have decreased, signaling consolidation.
Bitcoin Price Analysis
- Bitcoin trades near $114,143, with support between $104,500 and $109,500, and resistance around $118,600.
- The RSI is at 53.2 (neutral), and the Chaikin Money Flow (CMF) at -0.05 indicates balanced inflows and outflows.
- A break above $118,600 could lead to $125,000, while a drop below $109,000 may trigger a retest of $104,500.
