Bitcoin at a Turning Point: 3 Signals to Track

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The Fed's expanding balance sheet may improve conditions for risk assets, but there's no guarantee the new liquidity gets to crypto markets.

Bitcoin dumped below $74,000 earlier today after closing five straight weeks in the red.

And according to CryptosRus, the question is whether new capital can support any rebound the OG cryptocurrency makes.

Bitcoin’s $76K Test Comes Down to Capital Flows
In a November 9 analysis, CryptosRus pointed to approximately $1.65 billion in combined weekly outflows from spot Bitcoin and Ethereum ETFs, compared with a $212 billion expansion in the Fed’s balance sheet since its low at the end of last year.

As CryptoPotato reported, BTC ETFs bled about $1.28 billion last week, with over $840 million of that coming from the last two trading days. On the other hand, their ETH counterparts saw more than $365 million flow out, with the only green day that week being November 4, when about $53 came into the funds.

According to CryptosRus, ETFs are one of crypto’s most visible channels for institutional investment, with persistent withdrawals meaning BTC must now rely more heavily on “native demand, treasury buyers, or leveraged positioning.” They also noted that Ethereum ETFs still hold about $12 billion in cumulative net inflows, suggesting that the longer-term investment channel is still intact even with the recent selling.

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