- Bitcoin spot ETFs face $37.29M in outflows on September 4, marking six consecutive days of negative trends.
- Grayscale’s GBTC sees $34.25M in outflows, while Bitwise’s BITB ETF records a rare $9.46M inflow amid the bearish sentiment.
- Bitcoin price struggles at $56,806 with selling pressure dominating, as OBV signals further declines if the $56,500 support breaks.
Six days in a row of net withdrawals from US Bitcoin exchange-traded funds (ETFs) were sealed with a seventh day. A net outflow of $37.29 million was recorded from Bitcoin spot ETFs on September 4.
Grayscale’s GBTC led the pack with a substantial outflow of $34.25 million, bringing its historical net outflow to $19.936 billion. Besides, Fidelity’s FBTC ETF and VanEck’s HODL also recorded outflows of $7.59 million and $4.91 million, respectively.
Bitwise Emerges as a Positive Outlier
However, amidst the bearish trend, Bitwise’s BITB ETF emerged as a rare exception. It registered a net inflow of $9.46 million, signalling potential interest from investors. BlackRock’s IBIT, the largest Bitcoin ETF, had no net flow activity on the same day. Additionally, seven other Bitcoin ETFs also recorded zero flows, reflecting low investor engagement.
From $1.56 billion the day before, the combined trading volume for the 12 Bitcoin ETFs dropped to $1.41 billion. This suggests a decline in market activity and an increase in trader caution. In the meantime, $37.51 million was pulled out of U.S. spot Ethereum ETFs, continuing a daylong trend of declines. With $40.63 million in outflows leading the negative flows, Grayscale’s Ethereum Trust (ETHE) was marginally offset by an inflow of $3.12 million into the Grayscale Ethereum Mini Trust.
Bitcoin Faces Resistance, Price Trends Downward
On the 4-hour timeframe against USDT on Binance, selling pressure on Bitcoin is still present. As of right now, the price is in a brief downward trend, having fallen from $59,500 to $56,806. Notably, there was resistance for Bitcoin at $59,585.55, where it was repeatedly rejected.
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Furthermore, bearish mood is reflected in key indicators like On-Balance Volume (OBV) and Accumulation/Distribution (Accum/Dist). A downward trend in the OBV indicates more selling activity. Bitcoin may see more drops if it is unable to maintain its support level at $56,500. A probable breach over $59,585.55 may indicate a return to bullish activity.
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