Bitfinex: ETF outflows and large holder sell-offs put pressure on Bitcoin, with $53,000 potentially being a key support level
According to the Bitfinex Alpha report, the Bitcoin market remains in a high time frame downtrend due to weak inflows from Bitcoin spot ETFs and continued selling by large holders.
The report notes that although Bitcoin has rebounded 20% from its low on February 5, it has not yet confirmed a bottom. So far this year, the U.S. Bitcoin spot ETFs have seen a cumulative net outflow of $2.6 billion, and the "ETF fatigue" among institutional investors has intensified selling pressure. On-chain data shows that approximately 64% of the inflow funds to exchanges currently come from large holders (whales), marking the highest ratio since October 2015.
Additionally, affected by U.S. tariff policies and macroeconomic uncertainty, options traders are once again paying a premium for downside risk, leading to a cautious market sentiment. Currently, the realized price of $53,000 is seen as a key support level for the mid-term market.
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