Bitcoin Struggles Below $91,000 Amid ETF Outflows and Economic Growth
- Bitcoin’s funding rates are at 7%, indicating a lack of bullish leverage demand.
- Spot Bitcoin ETFs experienced $1.58 billion in outflows, coinciding with gold reaching record highs.
- Bitcoin has remained below $91,000 since Tuesday, despite positive US economic data showing a GDP growth of 4.4%.
- Top traders at Binance increased their long-to-short ratio to 2.18, reflecting a neutral-to-bullish sentiment.
- The US Treasury yield reached a high of 4.25%, signaling concerns about fiscal health and inflation risks.
The current market dynamics indicate that while Bitcoin is facing challenges in gaining momentum above $90,000, traders are still positioning for potential accumulation rather than further declines. The significant ETF outflows highlight a shift towards safer assets amidst rising economic uncertainty.
With Bitcoin’s price hovering around $89,500 and recent net outflows from ETFs totaling $1.58 billion, the market remains cautious yet resilient in its outlook. (Source)
