HODL

bullish

Bitcoin

<ul>
 <li>Bitcoin spot ETFs face $37.29M in outflows on September 4, marking six consecutive days of negative trends.</li>  
 <li>Grayscale's GBTC sees $34.25M in outflows, while Bitwise’s BITB ETF records a rare $9.46M inflow amid the bearish sentiment.</li>  
 <li>Bitcoin price struggles at $56,806 with selling pressure dominating, as OBV signals further declines if the $56,500 support breaks.</li> 
</ul>  
<p>Six days in a row of net withdrawals from US Bitcoin exchange-traded funds (ETFs) were sealed with a seventh day. A net outflow of $37.29 million was <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">recorded</a> from Bitcoin spot ETFs on September 4.</p>  
<p>Grayscale's GBTC led the pack with a substantial outflow of $34.25 million, bringing its historical net outflow to $19.936 billion. Besides, Fidelity's FBTC ETF and VanEck’s HODL also recorded outflows of $7.59 million and $4.91 million, respectively.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  https://twitter.com/WuBlockchain/status/1831540830408261778
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</figure>  
<h3 class="wp-block-heading" id="h-bitwise-emerges-as-a-positive-outlier"><strong>Bitwise Emerges as a Positive Outlier</strong></h3>  
<p>However, amidst the bearish trend, Bitwise’s BITB ETF emerged as a rare exception. It registered a net inflow of $9.46 million, signalling <a href="https://cryptonewsland.com/investors-favour-blockdag-as-the-premier-layer-1-crypto-eyeing-30000x-gains-amid-rising-prices-in-pyth-network-and-render/" target="_blank" rel="noopener noreferrer nofollow">potential interest from investors</a>. BlackRock’s IBIT, the largest Bitcoin ETF, had no net flow activity on the same day. Additionally, seven other Bitcoin ETFs also recorded zero flows, reflecting low investor engagement.</p>  
<p>From $1.56 billion the day before, the combined trading volume for the 12 Bitcoin ETFs dropped to $1.41 billion. This suggests a <a href="https://cryptonewsland.com/btc-and-eth-transactions-dips-as-whale-activity-declines-in-the-market/" target="_blank" rel="noopener noreferrer nofollow">decline in market activity</a> and an increase in trader caution. In the meantime, $37.51 million was pulled out of U.S. spot Ethereum ETFs, continuing a daylong trend of declines. With $40.63 million in outflows leading the negative flows, Grayscale's Ethereum Trust (ETHE) was marginally offset by an inflow of $3.12 million into the Grayscale Ethereum Mini Trust.</p>  
<h3 class="wp-block-heading" id="h-bitcoin-faces-resistance-price-trends-downward"><strong>Bitcoin Faces Resistance, Price Trends Downward</strong></h3>  
<p>On the 4-hour timeframe against USDT on Binance, selling pressure on Bitcoin is still present. As of right now, the price is in a brief downward trend, having fallen from $59,500 to $56,806. Notably, there was resistance for Bitcoin at $59,585.55, where it was repeatedly rejected.</p>  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd1L6ZV4tNqsNDZqz3v4uiIB5G4XN8IKkL9W3Y21gYXSXGXETtpZl79s1dHjTb-B_kt9grOlC66IprJK20OgyXJ2cpbQmLhxAQp9U-4BxPXKPw5dd585YnqTNNyU54UIhfGrDCnWN1YBnWmD7RVB8VXkPo?key=qOb1SJwUfa_wERrzcR-aSQ" alt="">
</figure>  
<p>Source: <a href="https://cryptorank.io/price/bitcoin/full-feature-chart" target="_blank" rel="noopener noreferrer nofollow">CryptoRank</a></p>  
<p>Furthermore, bearish mood is reflected in key indicators like On-Balance Volume (OBV) and Accumulation/Distribution (Accum/Dist). A downward trend in the OBV indicates more selling activity. Bitcoin may see more drops if it is unable to maintain its support level at $56,500. A probable breach over $59,585.55 may indicate a return to bullish activity.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-etfs-face-net-outflows-for-sixth-day-as-bearish-sentiment-grows/" rel="noopener noreferrer nofollow">Bitcoin ETFs Face Net Outflows for Sixth Day as Bearish Sentiment Grows</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin ETFs Face Net Outflows for Sixth Day as Bearish Sentiment Grows

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