Bitcoin Spot ETFs Create Sell Wall: Critical Days Ahead

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Outflow Situation: According to CryptoSlate, the week of June 22-26 saw approximately $1.79 billion in net outflows from Bitcoin spot ETFs, with BlackRock's IBIT alone accounting for 73%, or $1.3 billion in redemptions, indicating a sharp decline in market demand for Bitcoin.
IBIT's Dominance: BlackRock's iShares Bitcoin Trust (IBIT) has been the largest contributor to the recent sell-off, with $1.3 billion in redemptions contrasting sharply with previous inflows, signaling a reversal in the ETF's role as a demand channel and creating new pressure on the market.
Importance of Upcoming Days: CryptoSlate emphasized that the next few trading sessions will be critical for the trajectory of this sell wall; if redemption pressure from IBIT eases, it may indicate the market is absorbing recent outflows, while continued large-scale redemptions could amplify bearish sentiment.
Market Impact for Investors: The current situation highlights the dual role of Bitcoin ETFs, providing a regulated entry point while introducing liquidity risks; during low demand periods, redemptions necessitate selling the underlying Bitcoin, directly impacting prices and increasing market instability.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	50308.633	54211.822	57816.453	61719.642	65324.273	69227.462	72832.093
Fibonacci	54211.822	57079.809	58851.654	61719.642	64587.629	66359.474	69227.462

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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