Yesterday’s ETF numbers were quite disappointing for BTC, we saw a net outflow of approximately $200 million. These outflows were of a type that would undermine the recent rise, and the failure to achieve a stable net inflow series as the Fed meeting approached undermined risk appetite. BTC made a new low at $90 thousand in the last 24 hours. So what does this mean?
Bitcoin (BTC) Drop
Yesterday both BTC We saw clear outflows for both ETH. While ETH saw an inflow of $140 million the previous day, it painted yesterday red. This is a detail that undermines the short-term risk appetite because the expected scenario was that institutional investors’ inflows into the ETF channel would continue.
Then, as predicted, BTC tested $90,000 and is now stalling at $91,000 while waiting for the market open. Jelle thinks a test of $100,000 next week is still possible as the support level is maintained. If next Wednesday Powell If he makes more dovish tone statements than expected, it is possible to price in the new year’s rise. With QT over and unemployment numbers hitting new highs, it’s hard to expect otherwise.
will come today PCE data It is possible that this may have undermined the short-term appetite of investors. Half an hour after US market open Fed’s The inflation indicator it monitors will be published with a delay and we will share it at the last minute.
ETH and Altcoins
ETH currently appears relatively stronger than BTC. By drawing attention to this issue, Poppe raised hopes for a potential rise for altcoins. ether It is still above $3,100 and remains strong, although some of the $140 million ETF inflows it saw this week have turned out.
“This is a good start for ETH. While support remains on the higher timeframe, I think more strength will be needed in the coming weeks and this is the first step. Going forward, ETH will be more likely to be affected by Bitcoin.”
$86,989.86that it will leave behind and all Ethereum
$2,804.64 “I think the ecosystem will grow.”
Total market cap of altcoins Sharing his chart, Quinten thinks there may be a bounce from the upward support line.
“It is currently facing some resistance, but once this resistance breaks and turns into support, we will be certain to return to $1.65 trillion. This move already seems long overdue.”
