Bitcoin ETF apathy is pressuring a key Bitcoin support level
Without Bitcoin ETF holding sustained inflows, Bitcoin could succumb to “demand side fragility,” analysts from Bitfinex warn.
Bitcoin is at risk of breaking a crucial support price level as US-based spot Bitcoin ETFs have continued to bleed red after the recent crypto market crash, according to analysts from Bitfinex.
“The lack of institutional accumulation has made the $107,000 to $108,000 zone increasingly difficult to defend as support,” Bitfinex analysts said in a report on Tuesday, noting significant net outflows after US President Donald Trump’s tariff announcement earlier this month.
Between Oct. 13 and Oct. 17, spot Bitcoin (BTC) ETFs saw around $1.23 billion in net outflows, according to Farside.