Post

Outflow of US-based funds, initial signs of liquidity squeeze caused by interest rate hike expectations + high interest rate environment! After missing a week, here is an update on this week's #Bitcoin ETF data: Monday net outflow of 89.8 million, Tuesday net inflow of 118.8 million, Wednesday net outflow of 484.9 million, Thursday net outflow of 244.1 million, Friday net inflow of 21.1 million, with a total net outflow of 678.9 million USD this week. #Institutions continue to position, so why is BTC still under pressure? Among these, IBIT saw net outflows on Wednesday and Thursday, with net inflows on other days. Wednesday experienced collective net outflows, no longer just simple fund rotation, and Friday's fund return was only 21.1 million, indicating weak return and pessimistic sentiment. Comparing crypto market data to October 5, the market cap decline is concentrated on #BTC and altcoins, with total funds decreasing by 1 billion, USDT supply unchanged, USDC net outflow of 1 billion, and US-based mainstream funds mainly outflowing. Combining ETF and crypto market data, it is clear that this week marks a major outflow phase of US-based funds, which is indeed not a good sign for coin prices. Regarding ETFs, IBIT had two large net outflows this week. Accompanying BTC's decline, we can see the long-term US Treasury yields for 10 and 30 years slowing their rise, gradually entering a volatile downward trend. Clearly, this is the effect of October's rate hikes + high bond market yields squeezing liquidity in risk assets. When risk-free yield assets are at high levels and further rate hikes are confirmed, some funds will naturally be constrained by current interest rates, leading to risk...