Skew pointed out the phenomenon he dubs the “headline curse,” noting that while the significant inflow of over $500 million into United States spot Bitcoin ETFs signifies growing institutional confidence<\/a>, it may also foreshadow a looming price correction.<\/p>\n The recent resurgence in popularity for Bitcoin ETFs, particularly spotlighted by the BlackRock iShares Bitcoin Trust (IBIT), which alone saw $526 million in inflows on June 22, brings with it a history of similar occurrences that often led to price sell-offs.<\/p>\n Bitcoin ETF Flow (US$ million) – 2024-07-22<\/p>\n TOTAL NET FLOW: 533.6 IBIT: 526.7 For all the data & disclaimers visit:https:\/\/t.co\/4ISlrCgZdk<\/a><\/p>\n \u2014 Farside Investors (@FarsideUK) July 23, 2024<\/a><\/p><\/blockquote>\n Skew emphasized that such high inflow days usually correspond to market supply zones, where sellers historically start moving back into the markets looking for price weakness.<\/p>\n This spike in inflows represents a critical juncture<\/a> for the cryptocurrency, potentially setting the stage for either a bullish continuation or a bearish retreat, depending on several market factors that Skew outlined.<\/p>\n Skew further proposed in the analysis that sustaining the current bullish momentum<\/a> hinges on a few key indicators.<\/p>\n These include a consistent passive spot bid, which involves limiting spot buyers capitalizing on price dips, and the ability of spot takers to continue bidding through existing spot supply, which is necessary to breach the five-month supply barrier.<\/p>\n Additionally, the absorption of sellers plays a crucial role; it is a fundamental aspect<\/a> that needs to be addressed to reach new all-time highs.<\/p>\n Although the influx of funds into Bitcoin is a sign of positivity, Skew points out that it will test the market’s ability at these crucial levels to keep demand strong and absorb selling pressure<\/a>.<\/p>\n Another large inflow day\ud83d\udc47$BTC<\/a> somewhat a headline curse lol<\/p>\n So in terms of actually trading this, the obvious part is now does the market sustain this\u2026 https:\/\/t.co\/qdGwMAvVjl<\/a> pic.twitter.com\/iZ921tpKHW<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) July 23, 2024<\/a><\/p><\/blockquote>\n Speaking of sell pressure, blockchain analytics firm Arkham Intelligence\u00a0recently\u00a0revealed<\/a> that the US government has transferred $3.96 million from<\/span>\u00a0the seized Bitcoin to Coinbase.<\/p>\n Adding to this possible sell pressure, Arkham Intelligence, in another report on X<\/a>, also revealed that the defunct crypto exchange, Mt. Gox, may be moving to continue its Bitcoin sale. Yesterday, the exchange made test transactions depositing $1 to 4 separate Bitstamp deposit addresses.<\/p>\nRecord High Bitcoin ETF Inflows Signal Market Shifts<\/h2>\n
\n
\n(Provisional data)<\/p>\n
\nFBTC: 23.7
\nBITB:
\nARKB: 0
\nBTCO: 13.7
\nEZBC: 7.9
\nBRRR: 0
\nHODL: -38.4
\nBTCW: 0
\nGBTC: 0
\nDEFI: 0<\/p>\n\n
\nAs bullish as this is each other time IBIT reported mid – high 9 fig inflow days it occurred around market supply zones<\/p>\nImpending Sell Pressure<\/h2>\n
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