Bitcoin Holds at $80K as Rally Now in Jeopardy with $277 Million in ETF Outflows
Bitcoin is staying close to $80K after rising to $82,000 and then falling as market sentiment shifts.
Quick overview
- Bitcoin ETFs experienced an outflow of $277 million, ending a five-day streak of inflows.
- The price of Bitcoin (BTC) dropped 2.8% to $80,110, indicating a potential end to its recent rally.
- Market sentiment has shifted deeper into 'Fear' according to the Cryptocurrency Fear and Greed Index.
- While other cryptocurrencies like Solana and Cardano saw gains, Bitcoin remains stagnant near $80K with low trading volume.
Bitcoin ETFs ended five days of inflows with an outflow of $277 million, and the Bitcoin (BTC) rate dropped 2.8% to $80,110 (BTC/USD).
It looks like the Bitcoin rally may be over for now since the BTC price is down nearly 3% in the last two days. A massive reversal on the Bitcoin ETF charts snapped a five-day positive streak and pushed the BTC rate lower.
BTC/USDSpot listed Bitcoin ETFs in the United States are down, and Bitcoin’s price is hovering near $80K, eliminating much of the gains made in the recent rally. This downturn is in contrast to the stock market upswing happening at the same time that has pushed U.S. stock indices to record highs.
Crypto Fear and Greed Index Shifts
The cryptocurrency market experienced severe volatility over the last couple of days, resulting in a change to the Cryptocurrency Fear and Greed Index. The index now shows that market sentiment is deeper into “Fear” than it was earlier in the week.
Spot Bitcoin ETFs have gained about $1.7 billion over the last couple of weeks but that uptrend is over the moment. Investors are backing off and waiting to see what Bitcoin will do as the wider crypto market is on a slight upturn. The market dipped Thursday and early Friday, erasing several days of upward progress, but then the movement slowed and the crypto tokens started gaining back ground Friday afternoon.
While Solana (SOL) is up 1.21% for Friday, and Cardano (ADA) and Toncoin (TON) have gained 2.33% and 3.81%, respectively, Bitcoin is staying almost flat near $80K. BTC is showing little sign of progressing and may be stuck in a holding pattern as investors try to figure out their next move. Trade volume is stagnating as well, moving little from the previous day’s volume of $34 billion. We may see more movement from Bitcoin over the weekend, but for now, it appears that the rally has stalled.
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