{"id":16553,"date":"2024-08-30T13:53:33","date_gmt":"2024-08-30T10:53:33","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-retreats-to-59000-amid-etf-inflow-weakness\/"},"modified":"2024-08-30T13:53:33","modified_gmt":"2024-08-30T10:53:33","slug":"bitcoin-retreats-to-59000-amid-etf-inflow-weakness","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-retreats-to-59000-amid-etf-inflow-weakness\/","title":{"rendered":"Bitcoin Retreats to $59,000 Amid ETF Inflow Weakness"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Negative trends in BTC-ETF persisted for the third consecutive day.<\/li>\n<li>The total exchange balance of bitcoins fell to a new low for the year.<\/li>\n<li>Traders remain cautious ahead of U.S. labor market data on September 6.<\/li>\n<\/ul>\n<\/div>\n<p>On August 29, net outflows from spot bitcoin ETFs amounted to $71.7 million, according to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>. This was one of the reasons for the unsuccessful attempt to recover some losses from the beginning of the week.<\/p>\n<p>Negative trends in exchange-traded products continued for the third day in a row.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1183.webp\" alt=\"1-1183\" class=\"wp-image-240051\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p>The largest fund in the sector, IBIT from BlackRock, recorded its first outflow since May 1, amounting to $13.5 million.<\/p>\n<p>The overall structure of fund withdrawals is as follows:<\/p>\n<ul class=\"wp-block-list\">\n<li>FBTC from Fidelity \u2014 $31.1 million;<\/li>\n<li>GBTC from Grayscale \u2014 $22.7 million;<\/li>\n<li>BITB from Bitwise \u2014 $8.1 million;<\/li>\n<li>BRRR from Valkyrie \u2014 $1.7 million.<\/li>\n<\/ul>\n<p>Clients added $5.34 million to ARKB from Ark and 21Shares.<\/p>\n<p>No changes were observed in other instruments.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-878.webp\" alt=\"2-878\" class=\"wp-image-240052\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p>Total inflows <a href=\"https:\/\/u1f987.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\">since the approval<\/a> of BTC-ETF in January have decreased to $17.8 billion.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Exchange Reserves<\/strong><\/h2>\n<p>On August 29, the total bitcoin balance on centralized platforms fell to a new annual low. Since January 1, the metric has decreased by ~12.9%, to 2.62 million BTC, according to <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66d041fc938c6e0486525949-BTC-reserves-on-exchanges-hit-new-lows-for-the-year\">CryptoQuant<\/a>.<\/p>\n<p>Experts believe this may indicate reduced selling pressure and potential for a bull market revival if demand strengthens.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-499.webp\" alt=\"3-499\" class=\"wp-image-240053\"\/><figcaption class=\"wp-element-caption\">Data: CryptoQuant.<\/figcaption><\/figure>\n<p>According to analyst Bitcoin for Freedom, since August 22, 56,000 BTC have moved from <span data-descr=\"centralized platforms\" class=\"old_tooltip\">CEX<\/span> to non-custodial wallets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">14,600 Bitcoin taken off Coinbase today and 56,000 taken off exchanges the last week. That\u2019s more than 4 months of mined supply. The supply shock will come soon because this is not sustainable.<\/p>\n<p>\u2014 Bitcoin for Freedom (@BTC_for_Freedom) <a href=\"https:\/\/twitter.com\/BTC_for_Freedom\/status\/1829023318428504561?ref_src=twsrc%5Etfw\">August 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe supply shock will come soon because this is not sustainable,\u201d<\/em> predicted the expert.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>September Outlook<\/strong><\/h2>\n<p>Amid sales by <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> players, CryptoQuant <a href=\"https:\/\/cryptoquant.com\/insights\/research\">identified<\/a> increased demand from U.S. retail investors. This conclusion was drawn from the rising bitcoin price premium on Coinbase.<\/p>\n<p>Experts also noted an increase in the flow of coins to U.S.-based platforms, which \u201chistorically correlates with price increases.\u201d<\/p>\n<p>In an interview with <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/08\/30\/bitcoin-drops-under-59k-as-btc-demand-wanes-blackrocks-ibit-logs-outflows-for-the-second-time\/\">CoinDesk<\/a>, Augustin Fan from SOFA expressed expectations for a revival in dynamics with the start of September.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cAfter Labor Day in the U.S. [September 2] and the labor market report [September 6], investors will begin a busy autumn season. This week has been mixed due to weakening ETF inflows,\u201d<\/em> commented the expert.<\/p>\n<\/blockquote>\n<p>This view is shared by QCP Capital.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cUntil October, there is a shift towards put options [\u2026], indicating caution regarding potential declines. In the absence of catalysts [\u2026], prices will continue to fluctuate within a range until September,\u201d<\/em> explained the specialists.<\/p>\n<\/blockquote>\n<p>Previously, QCP Capital noted that the price of the first cryptocurrency will remain in a narrow corridor from $62,000 to $67,000 in the near term, as indicated by indecision in options.<\/p>\n<p>Earlier, trader and analyst Rekt Capital pointed to a potential price reversal if the upper boundary of the descending channel is successfully retested.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Negative trends in BTC-ETF persisted for the third consecutive day. The total exchange balance of bitcoins fell to a new low for the year. Traders remain cautious ahead of U.S. labor market data on September 6. On August 29, net outflows from spot bitcoin ETFs amounted to $71.7 million, according to SoSoValue. This was one [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16552,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1205,569,1145,1150,1326],"class_list":["post-16553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-cryptoquant","tag-etf","tag-market-analysis","tag-news-plus","tag-qcp-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=16553"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/16553\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/16552"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=16553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=16553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=16553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}