The US Spot Bitcoin ETF recorded its highest outflow this month, which has spooked investors amid geopolitical woes.
Bitcoin price has once again slipped into the negative territory today, after providing a slight relief to traders on Monday. This comes after the broader crypto market, alongside BTC price, witnessed a bloodbath last week, which has erased much of the recent gains from the market.
The pullback came after Donald Trump threatened massive tariffs on China, escalating the geopolitical and trade war tensions. However, the market has started the week on a positive note, before retreating again today.
The dip in the market today could be due to the waning interest from the institutions. According to recent data, both the US Spot Ethereum and Bitcoin ETFs recorded massive outflow on Monday, indicating that the institutions are staying on the sidelines.
In addition, the Chinese officials recently retaliated against Trump’s tariffs, saying that they would fight the trade war “to the end.” Amid this, a flurry of market pundits has warned of a potential pullback for the Bitcoin price to $100,000.
So, here we explore the recent performance of the flagship crypto and see what may lie ahead for the asset.
BTC price today has recorded a slump of more than 3% and slipped to $111,400, while its one-day trading volume fell more than 19% to $80 billion. Notably, the crypto has touched a 30-day high of $126,198 and a low of $104.5k last week amid a broader market selloff.
Besides, the weekly chart shows a plunge of around 9% in Bitcoin price, while its monthly decline is recorded at 3%. Simultaneously, CoinGlass data showed a dip in BTC Futures Open Interest by more than 2%, indicating a gloomy momentum among traders.
It’s worth noting that the plunge came amid the soaring geopolitical tensions that have caused market jitters. On the other hand, the investors are seeking insights on the potential future move of the US Federal Reserve amid the US Government shutdown.
Meanwhile, the US government has also moved its Bitcoin holdings, which has further weighed on the traders’ sentiment. Considering all these factors, alongside a dip in the institutional interest in the digital assets space, market experts are warning of a further pullback in the near future.
One of the main factors behind the recent Bitcoin price dip could be the waning interest of the leading institutions.
According to Farside Investors’ data, the US Spot Bitcoin ETF recorded an outflow of over $326 million on Monday.
This marks the highest outflow in the last eleven days, with the last major outflow of $418 million recorded on September 26. On Monday, GrayScale’s GBTC recorded the highest outflow of $145 million.
Notably, as BTC price recovered on October 13, the investors were anticipating the Bitcoin ETF inflow to also rebound. However, it has continued its outflow streak from last Friday, when it saw an outflow of $4.5 million.
As the market stayed in the red, an analyst shared a gloomy Bitcoin price prediction, which has spooked the investors.
In a recent X post, analyst Ali Martinez has fueled discussions with his question: What are the odds Bitcoin $BTC revisits $100,000?
Meanwhile, in his post, he has shared a chart, highlighting a crucial support level that BTC price must hold to avoid a further dip.
According to Martinez, BTC finds a major support at $113,906, and a slip from the level could drag its price down to $100k.
Echoing a similar sentiment, analyst Michael van de Poppe said that Bitcoin price must hold the $112k level.
According to his analysis, if BTC fails to hold this support, it could dip to $107,260 next and eventually to $100.7k.
However, despite that, Poppe said that if BTC can clear the resistance at $120k, it can run for a new all-time high ahead. Having said that, the investors should watch these closely for cues on the potential future movements of the crypto.
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