The price of Bitcoin (BTC) has fallen by about 4% in the past 24 hours, trading at around $69,532 on Friday morning European trading time on November 1. After rebounding towards its all-time high earlier this week, this flagship token closed at around $70,000 in October, lower than the monthly high close of around $71,297.
The Altcoin market led by Ethereum (ETH) has also seen a similar adjustment pattern, causing the total cryptocurrency market capitalization to fall by 5.2%. Due to increased volatility in the cryptocurrency market, nearly $300 million was liquidated, of which about $247 million involved long traders.
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Key factors affecting the trend of Bitcoin prices today
Significant outflows from US spot BTC ETFs
Over the past 24 hours, Bitcoin prices have lacked bullish momentum as most US spot BTC ETF issuers have seen significant cash outflows. Aside from BlackRock's IBIT, which recorded about $318 million, the other five major spot BTC ETF issuers all saw significant cash outflows on Thursday.
Specifically, ARKB reported an outflow of $94 million, while Fidelity's FBTC and Bitwise BITB saw outflows of $75 million each on Thursday. As a result, US spot BTC ETFs saw a net cash inflow of about $32 million, compared to nearly $2 billion in the previous two days.
Monthly options expiration
Bitcoin prices have reacted to the $200 million options contract expiring on Friday, although the scale is smaller than the previous month. According to market data provided by Coinglass, the options trading volume on the Deribit exchange was around $1.96 billion in the past 24 hours.
In the days leading up to the election, CME Bitcoin options trading volume reached its peak. At the same time, the open interest (OI) on the Deribit exchange has soared to $1.3 billion, with a strike price of $80,000.
Uncertainty from high-impact events
Over the past few weeks, Bitcoin prices have steadily risen, driven by high institutional investor demand. However, the uncertainty caused by short-term major news has deterred some investors, and volatility is expected to increase.
As a result, more investors are accelerating profit-taking, which is dampening bullish sentiment.
For example, the crypto market expects Donald Trump to win the 2024 election. Additionally, the Federal Reserve is expected to cut rates again next week.
Forming a short-term bearish technical outlook
Bitcoin prices have encountered significant resistance above $73,000, so a brief correction is imminent to revive bullish sentiment. From a technical analysis perspective, Bitcoin prices are expected to find solid support above $69,000, which will drive the next rally to $78,000 in the short term.
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