A widely followed crypto analyst is warning that one metric is flashing a bearish signal for Bitcoin (BTC).
A crypto analyst is warning that one metric is flashing a bearish signal for Bitcoin (BTC).
The analyst, Nicholas Merten, points out that spot Bitcoin exchange-traded funds (ETFs) have started to see daily outflows since late August, suggesting a market downtrend is setting in.
“We're not seeing major buyers come in to really scoop up all this Bitcoin. We're seeing a total net outflow of Bitcoin here, and some even coming not just from GBTC, but also from the ARK ETF, from the new players here on the block. More outflows are actually coming up from the new ETFs with lower maintenance fees. That is a very important point to keep in mind here. So this isn't the typical, ‘Oh, it's the temporary GBTC outflows,’ which still would matter. We can see very clearly here it's not looking good…
“You're seeing a lot more big red numbers here for outflows versus new inflow numbers. You can just take a look here from the last couple of days of August… You see multiple ETFs here just bleeding here, people moving capital out.”
According to crypto data aggregator Coinglass, Bitcoin has recorded net ETF outflows since August 27th.
The analyst also notes that another bearish sign is that several of Bitcoin's moving averages are beginning to act as resistance levels.
“We're spending a lot more time below that 21-day moving average, more and more as time progresses. Not to mention you have the purple lines here. Those purple lines are the 100-day moving averages. And the 200-day moving averages, the blue lines here, those used to be means of support…
“We see very clearly that the previous moving averages, mind you at much higher price points here, are no longer serving as means of support but as resistance. That is not a good look here.”
Bitcoin is trading at $58,118 at the time of writing.
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