ETF fund outflows continue, Bitcoin remains in a stalemate state

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Source: CryptoNewsNet Original Title: ETFs bleed, keeping bitcoin in stasis: Crypto Daybook Americas Original Link: Bitcoin has churned between $86,000 and $88,000 over the past 24 hours, with Tuesday’s U.S. jobs data failing to inject meaningful volatility. The price sits near a major technical level which, if broken, could bring more pain.

The number of BTC/USD longs (bullish bets) on certain major exchanges continues to climb, reaching significant levels not seen since February 2024. It may sound counterintuitive, but rising longs have historically turned out to be contrarian indicators, accompanying prolonged downtrends.

Adding to the gloom, the 11 U.S.-listed spot bitcoin ETFs bled $227 million on Tuesday following Monday’s $357.69 million outflow. So, in two days, the ETFs have lost over $584 million. That’s more than double last week’s net inflow of $286.60 million. Clearly, institutional appetite for BTC has weakened, leaving the market in a fragile state.

BTC-0.91%
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