BIT: Expanding ETF outflows suggest short-term sideways action for BTC

BIT (formerly Matrixport) analyzed on X that Bitcoin is likely to continue trading sideways in the short term due to recent large-scale outflows from spot BTC ETFs. According to BIT, the recent BTC rally has heavily relied on institutional buying from spot ETFs and Strategy (formerly MicroStrategy), but this trend has reversed as fund flows shifted from net inflows to net outflows. The net purchase volume from these ETFs and Strategy has now decreased to around $870 million. BIT forecasts that BTC will likely remain in a range-bound market until ETF fund inflows stabilize.