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Key takeaways
- Bitcoin has dipped below $80,000 after being rejected by the key 200-day EMA supply zone.
- US-listed spot ETFs recorded an outflow of $635 million on Wednesday.
Bitcoin (BTC) fell below $80,000 on Thursday after failing to overcome a key overhead supply area earlier this week.
The pullback is attributed to fading institutional demand, with spot Exchange Traded Funds (ETFs) experiencing significant outflows, as well as a surge in traders’ profit-taking activity, increasing selling pressure on the leading cryptocurrency.
Highest single-day ETF outflow in three months signals weakening institutional demand
Institutional demand for Bitcoin has weakened, with spot ETFs recording a massive outflow of $635.23 million on Wednesday, the highest single-day withdrawal since the end of January.
According to CoinGlass data, this marks the second consecutive day of withdrawals this week. If outflows persist or intensify, Bitcoin’s price correction could continue, further am...
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