ETF outflows and macro data keep traders guarded as bitcoin’s ‘gentle recovery’ extends: analysts
Bitcoin is gently recovering near $88,000 as traders watch diverging ETF flows and upcoming macro data releases.Summary
Bitcoin extended its recovery to $88,000 amid cautious market sentiment ahead of significant delayed U.S. macro data. While total crypto market cap rose, large caps drove the recovery, with mid-caps lagging. A sharp divergence in ETF flows was noted: Bitcoin ETFs saw $151 million in net outflows, continuing a de-risking trend, while Ethereum and Solana ETFs attracted inflows, with SOL ETFs marking 20 consecutive days of inflows. Analysts suggest Bitcoin is acting as the primary risk-off instrument while ETH and SOL attract selective capital rotation. On-chain metrics suggest the market is transitioning from aggressive selling to an orderly unwind, with historical bottom-formation patterns emerging, though durability is unproven. Furthermore, dovish comments from the New York Fed boosted hopes for near-term rate cuts, giving BTC room to breathe. However, analysts warn that macro pressures, particularly the performance of U.S. equities, remain the dominant driver, and the market remains cautious until ETF flows stabilize and key economic data is released.
(Source：The Block)