Negative Coinbase Premium Gap and ETF Outflows Signal Bitcoin Selling Pressure

Key Insights:

The price of Bitcoin closed October with a loss for the first time in seven years, impacted by geopolitical tensions such as US-China trade tariffs.
The Coinbase Premium Gap, an indicator showing the demand difference between US-based and global exchanges, has turned deeply negative, indicating selling pressure from US investors.
Significant outflows from US-based Bitcoin ETFs were recorded, with a total net outflow exceeding $191 million on Friday, following withdrawals of nearly $500 million each on Wednesday and Thursday.
This trend suggests ongoing selling pressure and a challenging recovery environment for Bitcoin in the short term.
As of now, Bitcoin's price is slightly above $110,200, showing a minimal increase of 0.9% in 24 hours but a decline of 1% over the past week.