Cryptocurrencies market has been hit by another wave sell pressure As the prices of Bitcoin and Edereum went up, it caused widespread panic and uncertainty. With $536 million in Spot Bitcoin ETF outflows in one day, the decline has sparked renewed fears of extended bearish phase. Analysts are calling this program “bloody Friday,” a tough but tough showing of last week’s Suloff at Stutal Seleaff that wiped billions off the market and saw BTC and eths hit rock bottom.
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ETF exits cause bitcoin risk and reamberum intero
The recent crash in Bitcoin and Edereum prices is said to be widely distributed exit from US Spot Bitcoin ETFS. Crypto Analyst Jana on X Medical Media explained event as one of the bloody weeks of the quarter month, with Bitcoin is crazy 13.3% in seven days and edereum sliding 17.8% last month. In the interim, Bitcoin is trading low at $106,940 while Ethereum is sitting around $3,870, both suffering from high returns from their recent highs.
Details from sosolue the show On that occasion, on October 16, he saw an additional $536.4 million in Daily Net price outflows from Spot Bitcoin ETFS, marking the worst daily negative flow since August 1, when $812 million left the market. In this Twelve US Bitcoin ETFSeight major exits were registered, led by $275.15 Million left Ark & 21shares’ Arkbfollowed by $132 million from Fidelity’s FBTC. Notably, funds held by other major companies such as Grayscale, Blackrock, Briefly, Valkyrie, and Valkyrie also reported significant withdrawals.
These persistent outflows have now passed their third day in a row, on October 17, the previous day, recording a massive outflow of $366.5 million. This page Negative Flow of Etf The confidence of investors underground also suggests that the decline of the broader market could continue in the nearby country. Combined with Lillion Leadion event Last Friday, increased outflows from ETFS could put more pressure on an already weak market.
Experts warn of deep market pain ahead
Many experts believe that the crypto market may have it More room to shrink. Data from polymarket, one of the largest forecasting platforms in the world, show that 52% of participants expect bitcoin to fall below $100,000 before the end of October. Veteran Economist and Bitcoin Crid Peter Schiff too – warned That the coming months could be catastrophic for the industry, predicting a complete, automatic, and ridiculous bankruptcy as Bitcoin and meloree face another big leg down.
Meanwhile, technical analysts point to the signs of A healthy weakness in the construction of Emeremu. According to Crypto Damus, Edereerum has broken the key for the week and is showing a Bearish setup on the charts. He said That macd is about to “cross the red,” leaving a large amount of room for a crash.
Some commentators like Marzell have it’s stuck The same concern, saying that Edereum is now close to “a crash site.” However, he also highlighted the $3,690 – $3,750 range as a short-term target where buyers can enter and trigger the next leg.
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Featured image from unscurcwach, chart from trade sale
