温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/hi/62184.html
点击访问原文链接

BTC ETFs are facing selling pressure, but it’s not a bear market yet. | Bee Network

进入原网站 导航首页
BTC ETFs are facing selling pressure, but it’s not a bear market yet. | Bee Network Login ट्रेंडिंग न्यूज़ मीम लॉन्चपैड एआई एजेंट डेस्सी टॉपचेनएक्सप्लोरर न्यूबी के लिए 100x सिक्के मधुमक्खी खेल आवश्यक वेबसाइटें एपीपी अवश्य होना चाहिए क्रिप्टो हस्तियाँ डेपिन नौसिखिया आवश्यक ट्रैप डिटेक्टर बुनियादी उपकरण उन्नत वेबसाइटें एक्सचेंजों एनएफटी उपकरण नमस्ते, साइन आउट वेब3 यूनिवर्स खेल डीऐप मधुमुखी का छत्ता बढ़ता हुआ मंच विज्ञापन खोज अंग्रेज़ी रिचार्ज सिक्के लॉग इन करें डाउनलोड करना वेब3 यूनी खेल डीऐप मधुमुखी का छत्ता विज्ञापन घर•विश्लेषण•BTC ETFs are facing selling pressure, but it’s not a bear market yet. BTC ETFs are facing selling pressure, but it’s not a bear market yet.विश्लेषण3 महीने पहले发布व्याट 10,762 18 Market Context: Is it a fading trend or a necessary adjustment? One of the main reasons for the current slowdown in Bitcoin prices is undoubtedly the outflow of funds from spot Bitcoin ETFs. Unlike volatility driven by retail investors, ETF fund flows primarily originate from large asset allocators—family offices, pension funds, and institutional investors allocating capital across multiple global markets. Bitcoin’s price briefly touched the $120,000 range in October, followed by a sharp drop in early November, which, in the eyes of traditional capital, altered the risk-reward balance. With the return of safer investment options such as bonds and gold regaining its market dominance, some funds naturally withdrew from the Bitcoin market.

Despite these fluctuations, the market structure does not signal the start of a new multi-year bear market. Instead, this movement resembles a mid-cycle correction—similar to what happened between January and April of this year—rather than a collapse in market sentiment that occurred during a true bear market cycle from 2021 to 2023.

ETF Positions: The Most Important Signal at Present When evaluating ETF performance, two metrics are more important than any other:

Total BTC held by ETFs (structural capital) Daily net inflow/outflow (short-term sentiment) Overall, the first indicator shows a significant decline in total holdings to the right of the dataset. This change is significant because ETF funds operate very differently from short-term stablecoin liquidity. When institutions (especially asset managers like BlackRock) buy Bitcoin through ETFs, these holdings are typically held in custody and effectively removed from the circulating supply. These purchases resemble long-term structural demand, effectively pushing up the floor price of Bitcoin over time.

In contrast, stablecoin buyers are typically exchanges, market makers, or cryptocurrency-native funds. Their funds are held on-chain, waiting for market conditions to improve. They rotate their holdings, observe, and act opportunistically, but rarely liquidate their entire portfolio. This is why stablecoin market capitalization continues to grow, while ETF allocations have declined.

Interestingly, by comparing the recent decline in ETF holdings with previous market trends, a familiar pattern emerges. The circled areas in the chart—the decline in December 2024 and the correction from January to April—show almost identical patterns: a sharp correction followed by a relatively slow period of stabilization.

More notably, the previous correction lasted approximately four months, while the current correction has only lasted about a month. Therefore, although the momentum of capital inflows has slightly picked up since November 25, this still appears to be in the early stages of re-accumulation rather than a final reversal.

Net inflow: A signal worth noting, but it’s too early to celebrate. The second ETF indicator—the daily net inflow/outflow line—provides a short-term tactical perspective. Again, the shift here, though subtle, is significant. Inflows have slightly turned positive again since November 25th. However, the inflows remain small and inconsistent in strength. Historically, ETF inflows not only recover but also accelerate significantly before a major trend reversal.

Currently, there are no signs of accelerated upward movement in the market. Instead, the current situation resembles institutional investors “testing the waters,” similar to savvy investors operating near structural price inflection points. Moreover, just like in the previous cycle, even with positive inflows, Bitcoin still experienced multiple pullbacks before the next bull market resumed.

Therefore, although the direction is improving, there is still a lack of conviction.

Stablecoin liquidity: a supporting parallel indicator On the other hand, the supply of stablecoins continues to grow slowly. This is crucial because stablecoins represent idle cryptocurrency purchasing power—funds waiting for signals on-chain rather than flowing out of the ecosystem. These funds operate differently from ETF allocations. They do not require traditional compliance processes or board approvals and are less affected by macro asset rotation like bonds or gold.

On the contrary, it is patience capital.

The slow but steady rise in stablecoin prices indicates that native cryptocurrency investors have not left—they are watching, waiting, and preparing.

This is one of the most obvious reasons why the current market structure is inconsistent with a full-blown market crash. In a true bear market, funds don’t stay in stablecoins—they completely exit the entire ecosystem.

What does this mean for the cycle? Based on the above analysis, the market has not signaled the start of a new long-term bear market. On the contrary, the market seems to be experiencing:

Mid-cycle adjustment + valuation reset.

It shares many characteristics with the pullback in early 2025:

Fear rather than euphoria Reduce ETF exposure Stablecoin accumulation drastically corrected lateral movement The market is still searching for direction, but early signs suggest that this phase is closer to consolidation than a crash.

What needs to be done next? To confirm a market recovery, one last signal is needed—and that signal is not Bitcoin.

It is the flow of funds in the Ethereum ETF.

If Ethereum begins to show a consistent 10-day average inflow of $1 billion or more per day, this would indicate a return of confidence, not just curiosity. This would mark a shift from hesitation to conviction and could confirm the end of the pullback.

Prior to this, the most reasonable expectation is that the market will continue to fluctuate, further test support levels, and gradually accumulate strength before finally taking the next decisive step.

Final view Despite the uncertainties, the current structure points to continuation rather than reversal. The cycle is not over, but rather readjusting. Traditional capital is rotating cautiously, while cryptocurrency-native capital is on the sidelines. The market is approaching a point where it must give way to a clearer direction.

in other words:

This is not the beginning of a bear market.

This is a time in a bull market where only those with unwavering conviction remain clear-headed, while everyone else waits for evidence.

यह लेख इंटरनेट से लिया गया है: BTC ETFs are facing selling pressure, but it’s not a bear market yet.

# विश्लेषण© 版权声明सरणी 上一篇 Murad, the reigning top trading signal provider: 116 reasons why a bull market is coming in 2026. 下一篇 The Fed's "change of leadership" countdown: 5 candidates revealed, who will be the ultimate winner? 相关文章 Europe’s First Web3 Stock Lists on Nasdaq: CoinShares’ Valuation Puzzle and Expansion Ambition 6086cf14eb90bc67ca4fc62b 22,466 One-week token unlock: LINEA unlocks nearly 7% of circulating tokens 6086cf14eb90bc67ca4fc62b 20,016 BitMEX Alpha: Buy the coins, the premium on coin-to-equity is disappearingRecommended Articles 6086cf14eb90bc67ca4fc62b 24,476 2 Cryptocurrency market attracts competition from Wall Street, with Ethereum taking the spotlight 6086cf14eb90bc67ca4fc62b 27,631 1 AI Agent Weekly Report | Cookie Snaps launches new Elympics; the sector’s weekly increase is nearly 20% (June 23-June 29 6086cf14eb90bc67ca4fc62b 27,851 1 24-Hour Hot Cryptocurrencies and News | Fed’s Williams: Slowing Job Growth and Easing Inflation Risks Support Fed Rate Cuts; Fed Governor Milan: May Remain in Office After Term Expiries at the End of January Until Successor is Confirmed (December 16) 6086cf14eb90bc67ca4fc62b 16,603 1 नवीनतम लेख Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 21 घंटे पहले 654 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 21 घंटे पहले 709 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 21 घंटे पहले 652 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 21 घंटे पहले 548 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 21 घंटे पहले 627 लोकप्रिय वेबसाइटेंTempoLighterजीएआईबीग्लाइडरप्लांकरेल्सबीसीपोकरवूई Bee.com दुनिया का सबसे बड़ा Web3 पोर्टल भागीदारों कॉइनकार्प बिनेंस कॉइनमार्केटकैप कॉइनगेको कॉइनलाइव कवच बी नेटवर्क ऐप डाउनलोड करें और वेब3 यात्रा शुरू करें सफेद कागज भूमिकाएँ सामान्य प्रश्न © 2021-2026. सर्वाधिकार सुरक्षित।. गोपनीयता नीति | सेवाओं की शर्तें बी नेटवर्क ऐप डाउनलोड करें और वेब3 यात्रा शुरू करें दुनिया का सबसे बड़ा Web3 पोर्टल भागीदारों CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors सफेद कागज भूमिकाएँ सामान्य प्रश्न © 2021-2026. सर्वाधिकार सुरक्षित।. गोपनीयता नीति | सेवाओं की शर्तें खोज खोजइनसाइटऑनचेनसामाजिकसमाचार उत्तर: एयरड्रॉप शिकारी डेटा विश्लेषण क्रिप्टो हस्तियाँ ट्रैप डिटेक्टर हिन्दी English 繁體中文 简体中文 日本語 Tiếng Việt العربية 한국어 Bahasa Indonesia اردو Русский हिन्दी

智能索引记录