Bitcoin spot ETF saw a net inflow of $143 million yesterday, reaching a one-month high. During the recent Bitcoin pullback, analyst Cauê Oliveira stated that the selling pressure mainly came from novice investors, while long-term holders have not shown significant signs of selling.
Despite briefly falling below $54,000 on Friday, according to SoSo Value data, the total net inflow of the US Bitcoin spot ETF was $143 million yesterday, reversing the outflow trend of the previous two days and reaching a one-month high in terms of inflow amount.
This indicates that when the Bitcoin market declines in recent days, there are more investors buying Bitcoin through the spot ETF.
Analyst: This decline is caused by novice investors fleeing
Analyst Cauê Oliveira pointed out on the 4th that about $2.4 billion worth of Bitcoin, held for only 3 to 6 months, was transferred and sold during the price decline. Cauê Oliveira further stated that there are no significant signs of mass selling from entities holding Bitcoin for over a year, indicating that true long-term holders are still holding firm. Those who did not increase their positions during this decline are these long-term holders or related institutions.
Bitcoin’s possible support level
As for where Bitcoin will go next and whether the current market situation is a false rebound, CryptoQuant analyst Axel Adler Jr. pointed out on the 4th that the key support for Bitcoin may be much lower than the current price, around $47,000. He stated:
Therefore, it is not ruled out that the current rebound may experience a second bottoming.
Another analyst, CryptoCon, wrote today that the Bitcoin price has rebounded from the 2nd level of the Magic Bands at $54,431, and the target of $92,908 at the 3rd level is still valid, firmly believing that BTC has not fallen below the 2nd support level, indicating that the final cycle top has not yet arrived. However, he also stated that the price needs to return to $61,300 before Sunday in order to regain key support levels such as the 20-week EMA and maintain a bullish trend.