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Bitcoin ETFs Clock $217M in Inflows Amid ‘Relentless Selling’
The recent influx of capital into Bitcoin spot ETFs has sparked a flurry of activity in the cryptocurrency market, with a staggering $217 million being poured in on July 7. This marks the third consecutive day of institutional accumulation amid “relentless selling” on derivatives exchanges.
While investors have been relentless in their short-selling efforts on Binance Derivatives, Bitcoin’s (BTC) price has shown remarkable resilience, steadfastly maintaining its position between $107K-$109K. It is possible that these institutional players are utilizing market sell orders to take positions through spot ETFs and over-the-counter desks.
In contrast, the cumulative volume delta, a crucial metric of net taker activity on Binance Derivatives, has remained decidedly negative for 45 days. This has led traders to utilize market sell orders in an attempt to short the range between $100K-$110K, anticipating a breakdown.
Source: www.coinspeaker.com
