Weak ETF Flows and Whale Liquidations Create Downward Pressure
A new report from Bitfinex highlights that Bitcoin is facing dual pressures from ETF outflows and sustained selling by large holders. Despite a 20% rebound from the February 5 lows, the market has yet to confirm a bottom.
Signs of Cooling Institutional Demand
Data shows U.S. Bitcoin spot ETFs have seen a cumulative net outflow of $2.6 billion in 2024. This 'ETF fatigue' is amplifying selling pressure and weighing on prices.
Whales Dominate Exchange Inflows
On-chain metrics reveal that approximately 64% of exchange inflows currently originate from large holders - the highest level since October 2015. This indicates whales are driving the current selling dynamics.
Macro Uncertainty Adds to Bearish Tones
Beyond ETFs and whale activity, changing U.S. tariff policies and broader macroeconomic uncertainty have prompted options traders to pay premiums for downside protection, signaling increasingly cautious market sentiment.
$53,000 Emerges as Key Support Level
The current realized price around $53,000 has emerged as a critical mid-term support level. A breakdown below this level could potentially trigger another wave of selling pressure.