Selling Pressure on Bitcoin Decreases, ETF Outflows Drop to 230 Million Dollars

According to Glassnode's analysis, the intense selling pressure on Bitcoin has started to ease around the $81,000-$82,000 mark following the drop at the beginning of October. While spot buyers and Bitcoin ETF investors have not yet returned, the capital continues to change hands. The monthly change in realized capital remains high, and the supply ratio of short-term and long-term investors has slightly exceeded high levels. However, it is emphasized that the decrease in sales alone is not sufficient for a rise; new buyers need to join the market. Following a drop slightly above $80,000 on Thursday, the intense selling pressure has decreased, but no new demand has emerged. The pressure from investors aggressively selling in perpetual futures has also eased, but the trading balance still leans towards net selling. The return of funding rates to positive territory indicates that those holding long positions are paying those holding short positions. Net outflows from Bitcoin ETFs have decreased to approximately $230 million, but the low trading volume of ETFs shows that investor participation has not yet strengthened. Selling transactions continue to dominate the spot market. On-chain data shows that Bitcoin supply continues to shift to new investors. The ratio of supply held by short-term investors to that held by long-term investors has increased. However, this does not indicate the formation of a strong buying wave.

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