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ETF inflows slow, exchange inflows rise, Bitcoin faces pullback
BTC rose 2.77% on Apr 17. On‑chain data now signals a near‑term pullback.
Analyst MAC_D flags several warning signs in a new CryptoQuant QuickTake.
- Spot ETF demand cools. The Bitcoin ETF Daily Change in total holdings is declining, hinting at weaker spot inflows.
- Profit‑taking spiked. Realized PnL hit its highest level on Apr 14, last seen in February.
- Exchange inflows rose. More BTC moved into top‑10 exchange wallets, signaling potential sell pressure.
- Futures support fades. Open interest is diverging from recent highs, showing less aggressive bullish leverage.
The takeaway from these on‑chain and market gauges is simple. The recent rally lacks strong backing from spot demand and leverage.
Bitcoin trades near $77,202, up ~3% in 24h and ~8.47% for the month, per CoinMarketCap data.
