Bitcoin ETF

Bitcoin

Amid rising institutional engagement in Bitcoin, a sharp spike in exchange-traded fund (ETF) inflows over the past few days has sparked interest from traders and analysts alike. 
Earlier today, a noteworthy analysis from the popular trader Skew on social platform X <a href="https://twitter.com/52kskew/status/1815555464819798184?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">highlighted</a> a potential risk for Bitcoin amidst its current influx of capital. 
Skew pointed out the phenomenon he dubs the “headline curse,” noting that while the significant inflow of over $500 million into United States spot Bitcoin ETFs signifies growing <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-66k/" target="_blank" rel="noopener ">institutional confidence</a>, it may also foreshadow a looming price correction. 
<h2 id="record-high-bitcoin-etf-inflows-signal-market-shifts">Record High Bitcoin ETF Inflows Signal Market Shifts</h2> 
The recent resurgence in popularity for Bitcoin ETFs, particularly spotlighted by the BlackRock iShares Bitcoin Trust (IBIT), which alone saw $526 million in inflows on June 22, brings with it a history of similar occurrences that often led to price sell-offs. 
<blockquote class="twitter-tweet"> 
 Bitcoin ETF Flow (US$ million) – 2024-07-22 
 TOTAL NET FLOW: 533.6 (Provisional data) 
 IBIT: 526.7 FBTC: 23.7 BITB: ARKB: 0 BTCO: 13.7 EZBC: 7.9 BRRR: 0 HODL: -38.4 BTCW: 0 GBTC: 0 DEFI: 0 
 For all the data &amp; disclaimers visit:<a href="https://t.co/4ISlrCgZdk" target="_blank" rel="noopener nofollow">https://t.co/4ISlrCgZdk</a> 
 — Farside Investors (@FarsideUK) <a href="https://twitter.com/FarsideUK/status/1815593930362069389?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 23, 2024</a>
</blockquote> 
Skew emphasized that such high inflow days usually correspond to market supply zones, where sellers historically start moving back into the markets looking for price weakness. 
This spike in inflows represents a <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-glassnodes-latest-indicators-point-to-growing-optimism/" target="_blank" rel="noopener ">critical juncture</a> for the cryptocurrency, potentially setting the stage for either a bullish continuation or a bearish retreat, depending on several market factors that Skew outlined. 
Skew further proposed in the analysis that sustaining the current <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-btc-could-be-on-the-verge-of-a-30-gain-heres-why/" target="_blank" rel="noopener ">bullish momentum</a> hinges on a few key indicators. 
These include a consistent passive spot bid, which involves limiting spot buyers capitalizing on price dips, and the ability of spot takers to continue bidding through existing spot supply, which is necessary to breach the five-month supply barrier. 
Additionally, the absorption of sellers plays a crucial role; it is a <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-all-time-high-90000/" target="_blank" rel="noopener ">fundamental aspect</a> that needs to be addressed to reach new all-time highs. 
Although the influx of funds into Bitcoin is a sign of positivity, Skew points out that it will test the market’s ability at these crucial levels to keep demand strong and <a href="https://www.newsbtc.com/bitcoin-news/resistance-bitcoin-short-term-holder-cost-basis/" target="_blank" rel="noopener ">absorb selling pressure</a>. 
<blockquote class="twitter-tweet"> 
 Another large inflow day<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> As bullish as this is each other time IBIT reported mid – high 9 fig inflow days it occurred around market supply zones 
 somewhat a headline curse lol 
 So in terms of actually trading this, the obvious part is now does the market sustain this… <a href="https://t.co/qdGwMAvVjl" target="_blank" rel="noopener nofollow">https://t.co/qdGwMAvVjl</a> <a href="https://t.co/iZ921tpKHW" target="_blank" rel="noopener nofollow">pic.twitter.com/iZ921tpKHW</a> 
 — Skew Δ (@52kskew) <a href="https://twitter.com/52kskew/status/1815555464819798184?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">July 23, 2024</a>
</blockquote> 
<h2 data-id="50930937-9886-48fa-a0c5-4f956fd2a147" data-pm-slice="1 1 []">Impending Sell Pressure</h2> 
Speaking of sell pressure, blockchain analytics firm Arkham Intelligence&nbsp;recently&nbsp;<a href="https://platform.arkhamintelligence.com/explorer/entity/usg" target="_blank" rel="noopener nofollow">revealed</a> that the US government has transferred $3.96 million from&nbsp;the seized Bitcoin to Coinbase. 
<img loading="lazy" decoding="async" class="wp-image-631199 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=860&amp;resize=860%2C382" alt="US Government moves BTC to Coinbase" width="860" height="382" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=2323 2323w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=860&amp;resize=860%2C382 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot-2024-07-23-at-16.22.11.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Adding to this possible sell pressure, Arkham Intelligence, in another<a href="https://x.com/ArkhamIntel/status/1815329609644159136" target="_blank" rel="noopener nofollow"> report on X</a>, also revealed that the defunct crypto exchange, Mt. Gox, may be moving to continue its Bitcoin sale. Yesterday, the exchange made test transactions depositing $1 to 4 separate Bitstamp deposit addresses. 
Regardless of these possible sell pressures, Bitcoin still maintains its price above $65,000, with the asset currently trading at $66,981 at the time of writing. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/haVE4URb/" alt="Bitcoin (BTC) price chart on TradingView.com" width="2770" height="1496"> 
Featured image created with DALL-E, Chart from TradingView

Is Bitcoin’s Recent ETF Inflow Surge a Setup for a Fall? What Traders Need to Know

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