Bitcoin is facing pressure on a crucial support level as US-based spot Bitcoin ETFs experience sustained net outflows following the recent crypto market downturn, according to Bitfinex analysts. The $107,000 to $108,000 support zone has become increasingly fragile due to a lack of institutional accumulation. Between October 13 and October 17, spot Bitcoin ETFs saw around $1.23 billion in net outflows, underscoring the absence of meaningful dip-buying from institutional investors.
Despite some strong inflows earlier in the week, continued weakness in ETF inflows could signal growing demand-side fragility. This erosion of consistent institutional accumulation might lead to a prolonged consolidation phase for Bitcoin’s price. Currently trading around $108,864 after a brief surge above $113,000, Bitcoin is at a critical juncture that could indicate further price challenges if ETF inflows do not recover.
While some experts remain optimistic about Bitcoin reaching new highs by year-end, others caution that significant upside depends on several unpredictable factors. At a minimum, Bitcoin is expected to maintain support above $100,000 through the year. The dynamics of Bitcoin ETF inflows will play a pivotal role in shaping the market’s trajectory in the coming weeks.
Read more: https://cointelegraph.com/news/bitcoin-etf-inflows-risks-btc-price-level-bitfinex-analysts