Bitcoin moves sideways due to net inflow shift in US BTC spot ETF

US BTC spot ETF records net inflow of $129 million per day
As good news disappears, it moves sideways without any rise… Altcoins also continue to trend sideways
Experts “BTC is predicting a resumption of rising signals”

Bitcoin (BTC) stopped its recent downward trend and moved sideways due to the net inflow of Bitcoin spot exchange-traded funds (ETFs) in the United States.

It was revealed that the Bitcoin spot ETF in the United States, which recently recorded a net outflow, recorded a total net inflow of $129 million on the 1st (local time).

The analysis is that despite the net inflow of Bitcoin spot ETFs in the United States, the good news that would drive the market's rise disappeared, and the Bitcoin and digital asset (cryptocurrency) markets moved sideways.

Due to Bitcoin's sideways trend, only 'light' altcoins with low market capitalization recorded a rise of about 4%, and most digital assets showed no significant change from the previous day.

◇Bitcoin = As of 5 p.m. on the 2nd, the price of Bitcoin (BTC) as of Upbit is 87.95 million won. Bitcoin market share (dominance) was 54.67%.

Despite Bitcoin's sideways trend, predictions were raised that Bitcoin would soon rebound.

CoinDesk, a media outlet specializing in digital assets, reported on the 2nd that “the fact that Bitcoin prices are trading at an undervalued level on Coinbase may mean that a price rebound is imminent.”

CoinDesk reported that the 'Coinbase Premium' indicator, which shows the price difference between digital asset exchanges Coinbase and Binance, is currently significantly lower.

CryptoQuant CEO Joo Ki-young also explained, “The current market is gradually losing interest,” and “This point has been used as a good time for whales to accumulate Bitcoin.”

He continued, “The market is still in a bull market, and boredom will soon become an opportunity.”

◇ Rising Coin = As of Upbit at 5 PM on the 2nd, the digital asset that recorded the largest increase compared to the previous trading day was MultiverseX (EGLD), showing an increase of about 4%.

MultiverseX is a ‘Sharding’-based public blockchain platform that solves scalability problems by providing fast transaction speeds.

The goal of the project is known to be a technological ecosystem for DeFi and the Internet of Things (IoT). MultiverseX, the cryptocurrency used in the MultiverseX project, is used for network fee payment, staking (deposit), and governance (decision making) for ecosystem growth.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Neutral’ stage with 51 points. The neutral stage is a period where psychological resistance and support from market participants appear, and important decisions regarding future price movements occur.

Reporter Seungwon Kwon ksw@