Bitcoin (CRYPTO: BTC) has lost momentum over the past few days. It retreated to $78,140 in Saturday, down from this month’s high of $82,553. Its has formed some alarming technical patterns, pointing to a bearish breakout as exchange-traded fund (ETF) outflows rise and as futures open interest drops.
Bitcoin Price Drops As ETF Outflows Rise, Liquidations Jump
BTC’s price could be at risk of more downside in the near future as third-party data points to waning demand. Spot Bitcoin ETFs suffered a $1 billion outflow this week, ending a six-week streak of inflows. As a result, the funds have now had net inflows of $250 million this month.
Increasing Bitcoin ETF outflows is a sign that institutional demand is easing. Indeed, data shows that the Coinbase Premium Index has remained in the red since April 28. A higher index means that demand among American investors is rising.
Bitcoin Coinbase Premium Index
More data shows that the futures open interest has started falling. Its open interest dropped to …
