Bitcoin hovered near USD 90,000 as investment flows remained firmly negative. Spot Bitcoin ETFs recorded USD 398 million in net outflows on Thursday, bringing three-session cumulative withdrawals to about USD 1.13 billion. ETF retrenchment reflected deteriorating investor appetite and reinforced a bearish near-term backdrop. Ethereum also saw pressure, with ETH ETFs posting USD 159 million in outflows, their largest daily withdrawal since mid-December. On-chain metrics showed long liquidations more than double shorts and a long/short volume ratio below 1, indicating persistent selling pressure. US nonfarm payrolls could act as a catalyst, with weaker data easing pressure and stronger data reinforcing bearish momentum.
"The risk-off tone has also spilt over to Ethereum. ETH ETFs registered USD 159 million in outflows, their largest daily withdrawal since mid-December, highlighting that the retrenchment is broad-based rather than Bitcoin-specific. On-chain data validate this negative bias. Over the past 24 hours, long liquidations were more than double those of shorts, painting a bearish scenario for the cryptocurrency. In parallel, the long/short volume ratio remained below 1 for multiple sessions, pointing to persistent selling pressure and limited conviction on the long side."
"In parallel, the long/short volume ratio remained below 1 for multiple sessions, pointing to persistent selling pressure and limited conviction on the long side. Looking forward, attention now turns to today's US nonfarm payrolls release, which could act as a short-term catalyst. A weaker-than-expected labor market print would likely reinforce expectations of a more dovish Federal Reserve stance, offering some relief to crypto assets. Conversely, resilient employment data could reinforce the current bearish momentum and prolong pressure on crypto markets."
Read at London Business News | Londonlovesbusiness.com
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