Matrixport: Bitcoin ETF earns over $45 billion, but market faces implicit selling pressure

Odaily Planet Daily News: Matrixport has released its latest weekly report, stating that Bitcoin ETFs have attracted over $45 billion in cumulative capital inflows, with stable demand for enterprise allocation and continued growth in institutional interest. However, despite the strong investment of ETFs, there is still implicit selling pressure risk in the market, especially when the price of Bitcoin approaches the average retail holding cost of the past year (about $45000), potential selling pressure may emerge, which may pose some resistance to the rise. The report also pointed out that due to some funds flowing into Bitcoin ETFs in Q2 2024 and still in a loss making state, the short-term market structure adjustment or continuation depends on whether Bitcoin can break through the existing range and drive a new round of funds into the market.