Bitcoin is facing pressure on a crucial support level as US-based spot Bitcoin ETFs continue to experience significant outflows in the wake of the recent crypto market downturn, Bitfinex analysts report. The absence of sustained institutional buying has made defending the $107,000 to $108,000 range increasingly challenging.
Between October 13 and 17, spot Bitcoin ETFs saw net outflows of approximately $1.23 billion, partly influenced by market reactions to US President Donald Trump’s tariff announcement. Over the past month, Bitcoin’s price has dropped 3.36%, reflecting waning institutional demand.
Despite some strong inflows on Tuesday, net flows remain fragile, with outflows occurring on two of the last three trading days. Bitcoin currently trades around $108,864, after a brief rally above $113,000 earlier in the week.
Bitfinex analysts warn that if ETF inflows fail to recover meaningfully, the resulting “demand-side fragility” could lead to an extended consolidation period, undermining a key driver of previous Bitcoin rallies – ongoing institutional accumulation.
While industry leaders like BitMEX co-founder Arthur Hayes and BitMine chair Tom Lee remain bullish, forecasting potential price targets of $250,000 by year-end, Galaxy Digital CEO Mike Novogratz urges caution, noting that such outcomes would require exceptional market conditions. He emphasizes that, even in a worst-case scenario, Bitcoin should aim to maintain levels above $100,000 this year.
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