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Bitcoin (BTC) Retreats Below $53K, Market Awaits New Highs

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Sep 07, 2024 am 09:33 AM

bitcoin Ethereum Dogecoin Friday Bitcoin Blues

Cryptocurrency markets are trading lower as Bitcoin and Ethereum ETFs continue to witness significant outflows.

Bitcoin (BTC) Retreats Below K, Market Awaits New Highs

Cryptocurrency markets traded lower on Friday, as Bitcoin and Ethereum ETFs continued to see significant outflows.

The ProShares Bitcoin Strategy ETF (NYSE:BITO) dropped 1.04% to $39.68 per share, while the VanEck Bitcoin Trust (NASDAQ:XBT) slid 1.1% to $86.67 per share.

The ProShares UltraPro Bitcoin ETF (NYSE:UPRO) fell 1.9% to $126.88 per share, and the Direxion Bitcoin 3x Shares ETF (NYSE:BIT3) slid 1.8% to $86.08 per share.

The VanEck Ethereum Trust (NYSE:ETH) dropped 1.04% to $49.88 per share, while the ProShares UltraPro Ethereum ETF (NYSE:UPRE) fell 1.9% to $118.04 per share.

Top Bitcoin Holder Squeezed: According to IntoTheBlock, Bitcoin holders who purchased between $47,000-$64,000 are feeling the squeeze.

Only 27.6% of them are currently in profit, the data showed. These investors are defined as short-term holders by IntoTheBlock.

If the market experiences further declines, this could increase selling pressure, according to the crypto data firm.

Bitcoin Waiting Almost 6 Months For New Highs: Trader CryptoCon noted that the market has been waiting for new Bitcoin highs for almost six months now.

“There was a time when you would have had to wait even longer….. 3X longer,” the trader said, referring to 2019.

“2024 shares many similarities with that price structure,” CryptoCon added.

Bitcoin Local Top Signals: Trader IncomeSharks observed that the Bitcoin chart is still showing local top signals.

“When the candles are green and everyone is calling for $100k you can get blinded,” the trader said.

Institutions Losing Interest In Crypto ETFs: Cryptocurrency ETFs witnessed significant outflows during the week, as institutional interest in the digital asset class appeared to be waning.

The BITO ETF, which tracks Bitcoin futures, saw outflows of $100 million on Thursday, following outflows of $200 million on Wednesday.

The XBT ETF, which also tracks Bitcoin futures, saw outflows of $60 million on Thursday.

Over the past week, the BITO ETF saw outflows of $400 million, while the XBT ETF saw outflows of $200 million.

The combined outflows from the two Bitcoin futures ETFs stood at $600 million for the week.

The機関投資家がデジタル資産クラスへの関心を失っているため、仮想通貨ETFは今週大きな流出を記録した。

Bitcoin先物を追跡するBITO ETFは水曜日に2億ドルの流出があった後、木曜日に1億ドルの流出があった。

また、Bitcoin先物を追跡するXBT ETFは木曜日に6,000万ドルの流出があった。

先週、BITO ETFは約4億ドル、XBT ETFは約2億ドルの流出があった。

２つのBitcoin先物ETFを合わせた流出額は今週で6億ドルとなった。

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