Bitcoin spot ETF net inflows hit a one-month high yesterday! Analyst: Sell-off mainly due to newbies

This site (120Btc.coM): Although Bitcoin once fell below US$54,000 on Friday, according to SoSoValue data, the total net inflow of US Bitcoin spot ETFs yesterday (5th) was US$143 million, which not only reversed the The outflow trend in the past two days and the inflow amount hit a new high in a month.

It can be seen that when the Bitcoin market fell recently, more investors bought Bitcoin through spot ETFs.

Analyst: This drop is the escape of novice investors

Analyst Cauê Oliveira pointed out on the 4th that Bitcoin, worth about US$2.4 billion and held for only 3 to 6 months, fell in price During this period it was transferred and sold in large quantities.

“These Bitcoins may have come from investors who bought at the beginning of the year and wanted to speculate on ETFs and halvings. They behaved like short-term investors, causing selling pressure on Bitcoin.”

Cauê Oliveira further said, but held that Entities older than a year have yet to show signs of heavy selling, showing that true long-term holders are still holding on. It could be said that it was these long-term holders or related institutions who increased their positions during this decline.

Possible support points for Bitcoin

As for where Bitcoin will go next, is the current market situation a false rebound? CryptoQuant analyst Axel Adler Jr. pointed out on the 4th that Bitcoin’s key support may be well below the current price, around $47,000. He said: This level is 25% lower than the average purchase price of STH, which will become a strong resistance and an important point for the market to get rid of new buyers during the adjustment.

Therefore, it is not ruled out that the current rebound will hit the bottom again.

Another analyst Crypto Con issued an article today pointing out that the price of Bitcoin has rebounded from the Magic Bands level 2 level of $54,431. The current level 3 target of $92,908 is still valid, and firmly believes that BTC has not fallen below the level 2 support. , believing that the final cycle top has not yet arrived.

However, he also said that the price needs to regain $61,300 before Sunday to regain key support levels such as the 20-week EMA and maintain the bullish trend.

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