Bitfinex analysts have indicated that following the recent crash in the cryptocurrency market, there has been a continuous outflow of funds from the U.S. spot Bitcoin ETF, putting Bitcoin at risk of breaking through key support levels.
In a report on Tuesday, Bitfinex analysts noted that institutional investors have failed to maintain their buying momentum, making it increasingly difficult to hold the support in the $107,000 to $108,000 range. Additionally, the analysts pointed out that there has been a significant net outflow from the spot Bitcoin ETF following U.S. President Trump's announcement of new tariffs earlier this month.
Data from Farside shows that between October 13 and October 17, there was approximately $1.23 billion in net outflows from the spot Bitcoin ETF.
Bitfinex analysts stated that this data highlights the current lack of substantial buying interest from institutional investors.
In the three trading days this week, there were outflows on two days; however, strong inflows on Tuesday have kept the overall net inflow at $335.4 million.
According to CoinMarketCap, as of the time of writing, the price of Bitcoin is $108,864, having briefly surpassed $113,000 earlier before quickly retreating below $110,000.
Bitfinex analysts mentioned that Bitcoin's price is at a critical stage, which could signal the market entering a longer consolidation phase if the price continues to decline.
The analysts explained that if ETF inflows cannot remain strong, this situation may occur. "If weakness persists or ETF inflows fail to significantly recover in the coming weeks, it will indicate increasing vulnerability on the demand side," the analysts elaborated, adding:
However, market participants generally believe that Bitcoin will see a rise before the end of the year. Figures like BitMEX co-founder Arthur Hayes and BitMine chairman Tom Lee still predict that Bitcoin could reach $250,000 by year-end.
Galaxy Digital CEO Mike Novogratz poured cold water on this prediction on Tuesday, stating that achieving this goal would require many "crazy things" to happen.
He mentioned that even in the worst-case scenario, Bitcoin is still expected to hold above $100,000 this year.
Related: Major crypto wallets launch defense networks to address $400 million loss from phishing attacks
Original article: “Bitcoin ETF's Tepid Sentiment is Pressuring BTC's Key Support Level”
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