Recent significant inflows into spot Bitcoin ETFs in the United States are raising concerns among analysts about potential bearish price movements for Bitcoin. Hyblock Capital's CEO, Shubh Varma, noted the unusual inflows that have surpassed $300 million multiple times in recent days. Between October 11 and 21, these ETFs experienced a streak of inflows totaling approximately $2.68 billion. Historically, such inflows have preceded price declines; for instance, after notable inflows in June, Bitcoin's price fell from around $68,800 to $60,266 within three weeks. Varma emphasized that if history repeats itself, analysts would anticipate substantial outflows from these ETFs to stabilize Bitcoin's price. Conversely, some analysts suggest that these inflows could indicate an upcoming supply shock, as funds are purchasing Bitcoin at a rate significantly higher than daily mining outputs. Amidst these dynamics, market sentiments vary, yet some projections still anticipate Bitcoin reaching around $80,000 by late November.

Source 🔗