Selling in Bitcoin ETFs once again overwhelmed the market as there were $1.42 billion in outflows last week, following on from the previous week’s $1.26 billion in outflows.
$BTCThe subsequent drop to $72,500 raised concerns that the price would return to the $60,000 to $70,000 range. $BTC According to a report from Cointelegraph, it was locked in from February to April. Starting spot volume To protect $70,000 in support.
$BTC/$USDT Aggregated spot volume. Source: Vero
Considering that a considerable number of ETFs are sold, $BTC Although there has been inflows into Coinbase and liquidations in the futures market, the spot CVD data above suggests that these push buyers are not dominant.
Inflows to Bitcoin exchange, Coinbase. Source: CryptoQuant
Meanwhile, open interest heatmap data shows nearly $300 million of open interest concentrated in the yellow band representing $73,000 to $74,000, indicating that traders are opening new leveraged long positions.
Open interest heatmap, 7-day lookback. Source: High Block
ETF outflows and redemptions are synchronized to the next day $BTC Although there has been inflows to the Coinbase exchange and the knock-on effect of this selling is occasional long-term liquidations in the futures market, Hyblock’s bid-ask ratio indicator (set at 10% total order book depth) indicates a moderate order book dominated by bidders, reinforcing the view that traders view prices below $75,000 as a discount and are buying as a result.
$BTC/$USDT The purchase price ratio (depth 10%) turns positive. Source: High Block
The indicator ranges from -1 to +1, with values above zero indicating increasing imbalance in the order book structure.
The current long perp and spot buying activity is not sustained enough to reverse the downtrend, but it is helping to absorb the selling and put a floor (or support) in Bitcoin price.
Related: The US has seized nearly $1 billion in Iranian cryptocurrencies, Treasury Secretary announces
Beyond the technicals, positive spots in the short term include a series of new story catalysts and news flow focused on the peace deal between the US and Iran $BTC White House statements regarding ETF inflows, falling oil prices, and possibly new additions to the strategic Bitcoin reserve are needed to trigger greater spot and futures positioning. $BTC.
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