Bitcoin Price Forecast
BTC could drop to the October 10 low of $102k as spot Bitcoin ETF demand declines, with investors taking profit.
The demand for spot Bitcoin ETFs has declined over the past few days amid the current financial climate. Fed Chair Jerome Powell revealed earlier this week that it remains unclear if there will be another rate cut in December.
- Data obtained from CryptoQuant’s latest weekly report shows that U.S. investor demand for spot Bitcoin ETFs has cooled sharply.
- Spot bitcoin ETFs posted a seven-day average outflow of 281 BTC, one of the weakest readings since April.
- Ether inflows have stalled over the last seven days.
The report added that Coinbase premiums for BTC and ETH have flattened to near zero, and the CME futures basis has dropped to multi-year lows.
These data show that institutional and retail traders alike are taking profits rather than adding exposure.Author's summary: Bitcoin price may drop due to low ETF demand.
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