Bitcoin (BTC) drops by 3.6% last week and drops from around $ 119,800 to the range of $ 114,500 at the time of writing. This weakening price promotion is also reflected in Bitcoin-Bitcoin-treated funds (ETFs), in particular in BlackRock’s Ibit Bitcoin ETF, which saw more than $ 2.6 billion in outflow on 1 August.
Ibit Bitcoin ETF sees massive outflows
According to a recent cryptoquant Quicktake from employee AMR Taha, BlackRock’s IBIT ETF included more than $ 2.6 billion in output on 1 August – the highest figure in the past two months in all Bitcoin ETFs mentioned.
Taha emphasized that the sharp reversal in the institutional demand for Bitcoin ETFs comes after a few weeks of positive intake and indicates a growing sense of caution among ETF investors. Data from Sosovalue confirms The trend.
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For the week that ended on August 1, the American place Bitcoin ETFs registered a net outflow of $ 643 million. This meant the end of a seven -week series of positive inflow, which had covered more than $ 10 billion in total.
Another important point is that the $ 2.6 billion outflow from BlackRock’s IBIT ETF was not reflected by other ETFs. Analyst Taha also identified a correlation between IBIT outflows and Binance-Origin USDT transfers on the Tron network.
In his analysis, the cryptoquant assistant noted that USDT transfers in addition to the IBIT outflows on Tron from Binance fell from around $ 2 billion to $ 1.3 billion -a sharp fall of 35%. Taha Added:
The timing strongly suggests a connection between the ETF-driven sales pressure and the accelerated pace of the absorption of Stablecoin via Tron, a blockchain known for fast and cost-efficient transactions.
The low costs and speed of the Tron Network make it a preferred blockchain for both retail and institutional stablecoin transfers. That is why a decrease in USDT transfers from Binance – which takes place in combination with IBIT outflows – that can temporarily cool down institutional interest in BTC.
Recent data about the chain shows that Binance will continue to lead other stock exchanges, such as OKX, HTX and Kucain in terms of Tron-based USDT transfers. As a result, Binance volume trends often serve as a reliable indicator for shifts of investor sentiment.
Fresh data present mixed predictions
In addition to weakening the ETF question, new exchange data in the short term give potential headwind for Bitcoin. For example Binance network volume drop Up to -$ 160 million last week, which indicates an increased sales side activity.
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From a technical point of view, things seem less than optimistic. Crypto analyst Josh Olszewicz recently predict That BTC could stay until October 2025 reach.
Yet not all signs are arary. A recent report from Coinshares estimates That bitcoin could rise to $ 189,000 if it only 2% of the global M2 money amount or 5% of Gold’s market capitalization. At the time of the press, BTC acts at $ 114,494, an increase of 0.3% in the last 24 hours.
Featured image of Unsplash, graphs of cryptoquant and tradingview.com