Bitcoin spot saw net outflows for 3 consecutive weeks! Analysts warn of BTC falling channel forming

After experiencing continuous large net inflows in the first few weeks, the Bitcoin spot ETF craze seems to have subsided. According to HODL Capital data, the Bitcoin spot ETF continued to have gains in the 16th week. There was a significant outflow of funds, totaling 5,176 Bitcoins. This is the third consecutive week of net outflows.

Net outflow for 3 consecutive weeks

Analyst: 1,310 BTC will be outflowed at the opening of Monday

In addition, according to on-chain analyst Ember According to the data, in the trading on April 26, the eleven U.S. Bitcoin spot ETFs collectively experienced a net outflow of US$83.61 million. This number also indicates that after the U.S. stock market opens next Monday (April 29), there will be a total net outflow of approximately 1,310 Bitcoins from the custody addresses of these ETFs.

Among them, the ETF with the most outflows is Grayscale’s GBTC. Together with the other two ETFs, a total of about 1,395 Bitcoins have been outflowed, and the corresponding capital outflow is US$89.04 million. Overall, the current eleven The total number of Bitcoins held by the BTC spot ETFs is 833,562, with a market value of approximately US$5.321 billion.

US Bitcoin spot ETF status on Monday

10X Research: BTC may fall to the $52,000 range

In terms of market conditions, according to According to 10X Research analysis, Bitcoin currently faces certain downside risks and may fall further towards the expected range of US$52,000 to US$55,000. This risk assessment comes from multiple market structure data, including the reduction in Bitcoin miner income, which to some extent reflects problems with Bitcoin’s fair value.

After Bitcoin hit an all-time high on March 15, it has already experienced two significant price drops. These downward behaviors are generally regarded in the market as signals of exhaustion of upward momentum.

#10X Research analysts believe that Bitcoin has currently settled on the short-term high of a downward trend and is entering a descending channel that may point to $52,000 in the future. 24 hours will be a critical moment in determining whether Bitcoin will fall further.

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