ETF on Bitcoin (BTC) started a week with losses: yesterday all funds recorded a zero clean flow of funds. This indicates that the mood of investors deteriorate
In the derivatives market, bitcoin continues to show an increase in the number of pool contractions, which indicates a more optimistic forecast.
The outflow of Bitcoin-ETF products is growing
On Monday, the outflow of capital from the spotal ETF on BTC reached a weekly maximum – $ 109.21 million. A sharp increase occurred after the “Bloody Bath” on the crypto at the weekend, which led to liquidations worth more than $ 1 billion.
According to Sosovalue, ETF Grayscale GBTC showed the highest net outflow on Monday – $ 74.01 million. Now its net assets under control amount to $ 22.70 billion.
The ETF BTCO from InVesco and Galaxy Digital took second place in the daily outflow – $ 12.86 million. At the time of publication, the total historical clean tributary of the BTCO is $ 85.32 million.
At the same time, none of the twelve spotal ETFs on Bitcoin yesterday recorded a pure tributary. This trend indicates a wide outflow of institutional interest at the beginning of the week.
Bear bets in the derivative market
While the BTC is trying to stay below the $ 80 thousand mark, its trade activity continues to decline. This is evident by reducing the open interest (OI) through futures, which at the time of writing is $ 50.95 billion – 2% lower than yesterday.
It is interesting that over the same period, the price of BTC has increased by 3%, while the market is trying to recover. When the open interest in futures falls, and the price is growing, this may indicate that growth is caused by closing short positions, and not with new purchases.
This suggests that BTC futures traders are likely to close the bear position, temporarily pushing the price up.
However, despite the fall in the BTC price and a decrease in open interest, a stable positive financing rate shows that moods remain more bullshit. Traiders are still ready to pay a bonus for long positions, which indicates their optimism regarding the short-term price dynamics of the coin.
In the derivative market, the situation is not so rainbow. Investors continue to open more contracts for a decrease, which confirms the bear forecast for the price of the asset.
BTC traders are preparing for possible reduction risks and expect that the price of bitcoin can fall.
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Source: Cryptocurrency
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