Bitcoin Faces Rising Supply Pressure Amidst Market Recovery
- Recent BTC exchange netflows increased by approximately 18,000 BTC, indicating more inflows than outflows.
- Spot BTC ETFs experienced net outflows of nearly 16,000 BTC during the same period.
- The total selling pressure from exchanges and ETFs reached around 34,000 BTC.
- Bitcoin’s price rebounded to $77,800 after dipping below $75,000 due to improved investor sentiment.
- Aggregated Bitcoin open interest fell from nearly 268,000 BTC to about 250,000 BTC during the recovery phase.
The increase in Bitcoin supply across exchanges and ETFs highlights a significant local supply imbalance despite recent price recovery efforts. Additionally, lower daily ETF trading volumes signal declining speculative demand in traditional finance channels.
For Bitcoin to gain momentum towards $80,000, both spot demand and open interest must rise together with the price movements observed recently.(Source)
