Bitcoin Faces Market Uncertainty Amid Rising Leverage and ETF Outflows
- Bitcoin is struggling to surpass the $82,000 resistance level, currently trading near $78,000.
- Estimated Leverage Ratio (ELR) has surged to approximately 14.9%, indicating increased borrowing by traders.
- US Spot Bitcoin ETFs experienced nearly $1 billion in outflows over the past week.
- US Treasury yields have risen significantly, with the 10-year yield nearing 4.6% and the 30-year yield exceeding 5%.
- Bitcoin Long-term Holders possess over 15 million BTC, with more than 316,000 BTC entering the market recently.
The Bitcoin market is showing signs of fragility due to rising leverage and significant ETF outflows. These factors are compounded by worsening macroeconomic conditions as reflected in increasing US Treasury yields.
With Bitcoin trading around $78,194 and experiencing a daily loss of about 1 .2 %, market participants remain cautious amid bearish pressures and liquidity concerns.(Source )
