Wed, June 26, 2024 at 03:41

• 

  Kang-hoon

  • Hello Annie, today I have some concerning news about Spot Bitcoin ETFs.

  • They have recorded outflows for seven consecutive days.

  • 
• Annie

  • Oh no, that doesn't sound good.😟 How much money are we talking about?

  
• 

  Kang-hoon

  • According to Coinglass, the outflows have averaged around $100 million daily, leading to a total of approximately $1.2 billion pulled out so far.

• Annie

  • Wow, that's a huge amount!

  • Is this the first time something like this has happened?

  
• ADward

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• 

  Kang-hoon

  • No, actually.

  • Back in April-May 2024, Spot Bitcoin ETFs experienced a similar trend, bleeding for seven consecutive days, but to an even higher degree.

• Annie

  • Interesting.

  • What happened after that period of outflows?

  
• 

  Kang-hoon

  • After those seven days, the funds saw a brief period of inflows for two days, followed by more outflows.

  • However, starting from May 13, there was a significant recovery with 19 consecutive days of inflows.

• Annie

  • So, there's a chance we might see a similar recovery this time?

  
• 

  Kang-hoon

  • It's possible.

  • If the previous trend is any indication, we could see a turnaround soon, especially with the recent recovery in Bitcoin's price.

  • 
• Annie

  • Speaking of Bitcoin's price, how is it performing right now?

  
• 

  Kang-hoon

  • Despite dropping to $60,000, Bitcoin is still trading well above its 200-day moving average of $50,613, suggesting a bullish long-term outlook.

• Annie

  • That's somewhat reassuring.

  • But what about the short and mid-term performance?

  
• 

  Kang-hoon

  • In the shorter timeframes, Bitcoin is underperforming, falling below its 50-day and 100-day moving averages of $65,403 and $63,928, respectively.

• Annie

  • I see.

  • Are there any signs of recovery on the daily chart?

  
• 

  Kang-hoon

  • Yes, there are some positive signs.

  • Bitcoin's daily trading volume is up 35%, and its price has recovered above the $61,000 resistance level.

• Annie

  • That's good to hear.😊 So, overall, would you say this news is good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, this is definitely bad news.

  • The consecutive outflows indicate a lack of confidence among institutional investors, which could lead to further price declines.

• Annie

  • Got it.

  • Thank you for the detailed explanation, Kang-hoon.

  • This really helps with my investment decisions.🙏

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always happy to help.

  • Just remember to stay informed and cautious with your investments.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.