ETFs bleed, keeping bitcoin (BTC) price in stasis: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin has churned between $86,000 and $88,000 over the past 24 hours, with Tuesday’s U.S. jobs data failing to inject meaningful volatility. The price sits near a major technical level which, if broken, could bring more pain.
The number of BTC/USD longs (bullish bets) on Bitfinex continues to climb, reaching 72,184 at press time, the highest since February 2024. It may sound counterintuitive, but rising longs have historically turned out to be contrarian indicators, accompanying prolonged downtrends.
Adding to the gloom, the 11 U.S.-listed spot bitcoin ETFs bled $227 million on Tuesday following Monday’s $357.69 million outflow. So, in two days, the ETFs have…
