U.Today – On October 22, net outflows from spot ETFs reached $79.1 million, a pointed contrast to the $294.3 million inflows recorded during the previous trading session. Meanwhile, spot ETFs saw modest inflows of $11.9 million, recovering from a $20.8 million outflow in the previous session.
Spot on Chain’s latest report highlights a shift in the market, with US Bitcoin ETFs experiencing outflows after seven consecutive days of robust inflows. Despite Bitcoin hovering around $67,200, BlackRock (NYSE:) IBIT continued its aggressive accumulation, adding 22,480 BTC worth $1.51 billion over the past week, bringing its total holdings to 392,121 BTC.
This development comes just days after a report from CoinShares revealed a significant inflow of funds into crypto ETPs, with $2.2 billion entering the market, marking the largest inflow since July.
However, the change in Bitcoin ETF flows, despite Ethereum’s gains, revealed a cautious market sentiment. The outflows, although less than $100 million, have increased concerns that investors are becoming increasingly distrustful of the cryptocurrency market.
Bitcoin (BTC): Price Outlook
Bitcoin’s price action has added to uncertainty as the leading cryptocurrency continues to lose key support levels. Currently, it appears that vigorous resistance around the $65,000 zone needs to be retested.
The broader altcoin market has also suffered, with the TOTAL2 index, which tracks the market capitalization of cryptocurrencies other than Bitcoin, dropping more than $40 billion since the start of the week.
Despite BlackRock’s high purchasing activity, market participants remain cautious and react sensitively to all market news. Recent capital outflows suggest that confidence remains breakable, even as major institutional players such as BlackRock remain robust.
