Bitcoin spot saw net outflows for 3 consecutive weeks! Analysts warn of BTC falling channel forming

The craze for Bitcoin spot ETFs has subsided for the third week. According to analyst Ember data, after the U.S. stock market opens next Monday (April 29), there will be a total net outflow of approximately 1,310 Bitcoins from the custody addresses of these ETFs. In addition, 10X Research also Future market conditions express a pessimistic view.

After experiencing continuous large net inflows in the first few weeks, the Bitcoin spot ETF craze seems to have subsided. According to data from HODL Capital, the Bitcoin spot ETF continued to have significant fund outflows in the 16th week, totaling 5,176 Bitcoins. This This is the third consecutive week of net outflows.

Analyst: There will be an outflow of 1,310 BTC at the opening of Monday

In addition, according to on-chain analyst Ember data, in trading on April 26, the eleven U.S. Bitcoin spot ETFs collectively experienced a net outflow of $83.61 million. This number also indicates that after the U.S. stock market opens next Monday (April 29), there will be a total net outflow of approximately 1,310 Bitcoins from the custody addresses of these ETFs.

Among them, the ETF with the largest outflow is Grayscale’s GBTC. Together with the other two ETFs, a total of approximately 1,395 Bitcoins have been outflowed, and the corresponding capital outflow is US$89.04 million. Overall, the current total of these eleven BTC spot ETFs The number of Bitcoins held is 833,562, with a market value of approximately US$5.321 billion.

10X Research: BTC may fall to the $52,000 range

In terms of market conditions, according to 10X Research analysis, Bitcoin currently faces certain downside risks and may fall further towards the expected range of US$52,000 to US$55,000. This risk assessment comes from multiple market structure data, including the reduction in Bitcoin miner income, which to some extent reflects problems with Bitcoin’s fair value.

After Bitcoin hit an all-time high on March 15, it has already experienced two significant price drops. These downward behaviors are generally regarded in the market as signals of exhaustion of upward momentum.

Analysts at 10X Research believe that Bitcoin has now fallen to the short-term high of a downward trend and is entering a downward channel that may point to $52,000, and that the next 24 hours will be a critical moment in determining whether Bitcoin will fall further.