BTC price has struggled to rebound to the green zone lately, with the latest Bitcoin ETF fund flow data further dampening the sentiment.
The investment instrument has continued to witness outflow for the second straight day through October 30.
This indicates that the institutional interest in the flagship crypto is fading, especially amid the volatile trading scenario recorded in the broader market.
Also, this comes as the entire financial market kept its eye on the US Fed rate cut decision this week. Now, the analysts have fueled concerns, hinting at a looming crash for Bitcoin price.
Here, we explore the latest Bitcoin ETF fund flow trends and the direction BTC price may move in the near future.
US Spot Bitcoin ETF Bleeds: Details
The US Spot Bitcoin ETF has reported an outflow of $488.4 million on October 30, which has sparked concerns among traders.
Notably, this follows an outflow of $470.7 million on October 29, which ended its four-day inflow streak. On October 30, BlackRock’s IBIT lagged the most, recording an outflux of $291 million.
Besides, Ark Invest’s ARKB and Bitwise’s BITB were also among the laggards, witnessing outflows of $65.6 million and $55.1 million, respectively.
These massive outflows from the Bitcoin ETF hint at a waning interest of the institutions, which has weighed on the market sentiment.
Besides, it appears that the fading institutional bets also clouded the Fed rate cut optimism, which was expected to provide a massive boost to BTC price.
BTC Price Slips, Here’s Why
Amid the continuing outflow of the US Spot Bitcoin ETF, BTC price has recorded a slump of over 1% in the last 24 hours to $109,791.
Its trading volume also fell around 7% to $67 billion, indicating muted trading activity in the market. Meanwhile, the experts have cited the latest dip in the post-FOMC volatility.
For context, Bitcoin USD previously recorded a slump after the US FOMC meetings, which backs the comments of the traders.
Besides, the latest hawkish comment from Fed Chair Jerome Powell has also spooked traders.
After the latest FOMC, Jerome Powell said that the upcoming rate cuts would be conditional, considering the upcoming data and economic trends.
This has weighed on the traders’ sentiment, who were anticipating another rate cut in December. Now, the market participants await more insights for cues on the potential next move of the central bank.
In addition, it appears that the investors are also booking profits, after the crypto touched a new high in October start.
The massive surge amid the initial “Uptober” sentiment has allowed traders to exit the market for profits.
What Lies Ahead for BTC Price?
Amid the market uncertainties and ongoing Bitcoin ETF outflow, experts have warned of a potential Bitcoin price crash.
In a recent X post, analyst Captain Faibik said that he has turned bearish on Bitcoin for the midterm, hinting at a potential dip in BTC USD value.
He noted that Bitcoin USD can crash to as low as $50,000 if the selling pressure continues. However, he has highlighted the $108k level as a major support for the crypto.
Besides, veteran Trader Peter Brand revealed concerns about the current Bitcoin USD market, sparking fears of a potential price crash.
Brandt revealed that while he’s held BTC as a long-term investor, his swing trading account is currently short on BTC futures due to a “megaphone” pattern, indicating a possible downturn.
His chart also suggests that a possible downturn to $81k could be coming for the crypto.
Considering the warnings and the ongoing US Spot Bitcoin ETF outflow, investors should tread cautiously while putting their bets into the market.
