Key Summary:
The slowdown in capital flows for spot Bitcoin ETFs indicates weak institutional demand, suggesting that bullish sentiment is cooling down.
$108,000 is the short-term target for bears, with some Bitcoin analysts predicting a price drop to $90,000.
Bitcoin sellers re-emerged on Thursday as the price fell to $111,000, raising concerns in the market about further adjustments to $90,000.
Institutional investors are reducing their holdings in spot Bitcoin ETFs following the recent decline in Bitcoin prices.
According to Glassnode's latest "Weekly Market Pulse" report, capital flows into Bitcoin ETFs have cooled after a strong inflow at the beginning of September. Net inflows dropped from $2.03 billion the previous week to $931.4 million last week, a decrease of 54%.
On Wednesday, an on-chain data service provider posted on platform X: "While overall accumulation remains, the slowdown in capital flows indicates a pause in institutional demand."
This performance stands in stark contrast to early September when prices were steadily rising and ETF capital flows were healthy.
Farside Investors data shows that from September 2 to September 18, Bitcoin/USD rose by 10%, approaching $118,000. During this period, net inflows accumulated to $2.9 billion over eight trading days, with the largest single-day net inflow exceeding $741.1 million, the highest in two months.
The cumulative volume delta (CVD) indicator for buyers in the spot market tracks the cumulative difference between buying and selling over the past 90 days, showing a continued trend of selling dominance since mid-August.
This indicates that retail traders are selling more Bitcoin than they are buying, further reinforcing the market's risk-averse sentiment.
If ETF capital flows remain sluggish and the spot buyer CVD continues to favor selling, Bitcoin may face deeper adjustments before October.
As demand weakens, pessimistic sentiment regarding Bitcoin's price trajectory is intensifying.
"After a strong performance yesterday, Bitcoin has not shown much strength," said Michael van de Poppe, founder of MC Capital, in a post on platform X on Thursday.
Related charts indicate that if Bitcoin falls below the support zone of $112,000 to $110,000, the price could drop to the demand zone of $103,000 to $100,000, which is also a "notable buying opportunity area."
Meanwhile, analyst AlphaBTC shared an hourly candlestick chart for Bitcoin/USD, showing that the currency pair is operating within a descending parallel channel.
If the $112,000 support level fails to hold, Bitcoin could drop to the lower edge of the channel around $108,000. If it continues to decline, the price may experience a "deep retracement," potentially falling to the range of $105,000 to $100,000.
Additionally, according to Glassnode data, Bitcoin's price has fallen below the 0.95 cost percentile line ($115,300), indicating potential risks. The cost percentile indicator can be used to measure market risk levels and Bitcoin's potential price range.
Cointelegraph reports that if Bitcoin fails to hold the support level of $107,000, its double-top pattern will also target around $90,000.
Related: Bitcoin (BTC) rebounds to $113,900, bullish divergence suggests trend reversal.
Translation: This article does not contain any investment advice or recommendations. Every investment and trading action involves risks, and readers should conduct their own research before making decisions.
Original: “Bitcoin (BTC) ETFs Entering 'Slowdown' Phase: Are Bears Targeting $90,000?”
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