- Bitcoin ETFs saw six days of inflows, signaling renewed investor confidence and driving bullish momentum.
- Ethereum ETFs faced 13 days of outflows, highlighting weak demand and persistent selling pressure.
- Bitcoin nears key resistance at $85K, with a breakout potentially pushing it toward $90K, while failure risks a drop to $70K.
According to Spot on Chain, Bitcoin ETFs recorded substantial inflows, while Ethereum ETFs struggled with persistent outflows. Investor sentiment appeared bullish for Bitcoin, yet Ethereum remained under pressure. The market trends highlighted a sharp contrast between the two assets.
Bitcoin ETF Inflows Signal Renewed Demand
Strong inflows were seen by Bitcoin ETFs, which saw net positive movement for six days in a row. The entire amount received was $785.6 million. This was a big change from previous weeks, when there were large outflows. In a single day, the worst outflows totaled more over 17,000 Bitcoin. A positive turnaround ensued, though, as inflows above $200 million on several days.
The movement of Bitcoin’s price was associated with these inflows. The price increased as a result of growing investor interest. The revived demand supported Bitcoin’s upward trajectory by indicating bullish attitude.
Ethereum ETFs Struggle With Persistent Outflows
Ethereum ETFs faced continued selling pressure, marking 13 consecutive days of outflows. The total withdrawal reached $389.2 million. The largest daily outflow exceeded 70,000 ETH. Multiple days saw withdrawals surpassing 30,000 ETH. Unlike Bitcoin, Ethereum showed no signs of a strong recovery. Selling pressure remained dominant, keeping its price suppressed.
Market participants appeared hesitant about Ethereum’s short-term prospects. The continued outflows indicated weaker demand and potential downside risks. Without a reversal in ETF trends, Ethereum might struggle to regain momentum.
Bitcoin Nears Key Resistance Level
According to expert Christiaan, Bitcoin is currently trading at $84,378.35 on the MEXC market. The 21-day simple moving average (SMA) of $85,025.92 was still below the price. It also remained below the $90,788.39 50-day SMA.
Bitcoin made lower highs and lower lows while moving in a declining wedge. Major support was at $69,721.11, and key support was at $78,409.72. Resistance was in line with both the 50-day and 21-day SMAs. Bitcoin may go toward $90,788.39 with additional upside potential toward $109,887.13 if it breaks above $85,025.92.
However, failure to break resistance could lead to a decline toward $70,000. The bearish trend remained intact unless Bitcoin reclaimes key moving averages. Momentum indicators and volume data remained unclear, but price action suggested cautious trading.
