On May 20, net outflow from the funds amounted to $70.47 million. Negative dynamics persists for the fourth consecutive session, writes forklog.com.
The situation with Ethereum-ETF looks worse: net outflow amounted to $28.14 million, and total losses for the last nine days exceeded $500 million.
Bitfinex analysts noted that the market faced a massive wave of liquidations at the beginning of the week. Monday was the worst day since February – long positions worth $584 million were forcibly closed. Despite the stabilization of open interest in the range of $36.6 billion-37.8 billion, buyers are still not active.
According to a Glassnode report, bitcoin is trading below the “true average market price” ($78,300). Historically, this level separates bullish and bearish trends. To resume growth, the price needs to consolidate above this mark, but now it is acting as resistance.
Experts have identified several key factors of bitcoin weakness:
– falling volumes: trading activity on the spot market fell by 40% compared to last year;
– role reversal: investors from the US started distributing coins, while Asian participants switched to hoarding;
– profit taking: the realized gains index jumped to 1.8. This means that sellers are using any price bounce to exit positions, and the current demand is not enough to absorb this supply.
Analysts named the range of $71,400-76,500 as the nearest support zone. A failure below these levels could signal a loss of confidence among short-term investors.
Pessimistic sentiment also prevails on the options market. Over the last day more than 90% of premiums were for buying put options. A large cluster of bids is concentrated around $75,000 – when this price is reached, the decline may accelerate due to market makers’ actions.
Against the background of general stagnation, bitcoin’s dominance remains at 60%. Altcoins mostly follow the flagship, with the exception of Hyperliquid and Zcash, which showed growth contrary to the market trend.
According to Bitfinex experts, a sustained return of bitcoin above $80,000 requires an influx of new capital into ETFs or a large-scale short-squeeze.
