Bitcoin Spot, Futures Buyers Show Up But Is It Enough?
Bitcoin ETF selling overwhelmed markets again after last week‘s $1.42 billion outflow followed the previous week’s $1.26 billion outflow. $BTCs subsequent fall to $72,500 raised concerns that the price would slip back into the $60,000 to $70,000 range that $BTC was locked in during February through April, but Cointelegraphs reporting showed spot volumes kicking in to defend the $70,000 support. $BTC/$USDT aggregated spot volumes. Source: Velo Given the sizeable ETF selling, $BTC inflows to Coinbase and futures market liquidations, the spot CVD data above suggests these dip buyers are not dominant. Bitcoin exchange inflows, Coinbase. Source: CryptoQuant Open interest heatmap data, on the other hand, does show nearly $300 million of open interest concentrated in the yellow band representing $73,000 to $74,000, where traders appear to have opened new leveraged long positions. Open interest heatmap, seven-day lookback. Source: Hyblock While ETF outflows and redemptions sync with next-day $BTC inflows to Coinbase exchange, and the knock-on effect of this selling is occasional long liquidations in the futures market, Hyblocks bid-ask ratio metric (set to 10% aggregate order-book depth) shows a modest bid-side dominant orderbook, reinforcing the view that traders view prices below $75,000 as discounted and are buying as a result. $BTC/$USDT bid-ask ratio (10% depth) turns positive. Source: