The price of Bitcoin seems to be going through a difficult time: Bitcoin spot ETFs lost 287 million dollars in a single day and there has been a decrease in the number of active addresses.
In all this, market operators seem to be standing still, observing the various factors, with the US presidential elections just around the corner.
Bitcoin price in trouble: spot ETFs lose 287 million dollars in a single trading day
A first negative factor that influences the price of BTC is reported by the US spot Bitcoin ETF sector.
According to what reported, the 11 Exchange-Traded Funds in the United States recorded an outflow of 287.8 million dollars. This is the largest daily outflow recorded in four months, exactly since May 1, 2024.
Specifically, it appears that FBTC by Fidelity led the outflows, recording 162.3 million dollars in withdrawals.
Grayscale’s GBTC also saw its outflow of 50.4 million dollars, while BITB and ARK lost 25 and 33.6 million dollars respectively. BlackRock’s IBIT recorded a negative balance for the second consecutive trading day.
At the time of writing, Bitcoin (BTC) has recorded a price dump of -3.5% in the last 24 hours and -4% in the last seven days. The current price of BTC is $56,723, compared to $64,500 at the beginning of last week.
Bitcoin price without direction: active addresses decrease due to uncertainty
Other analyses, then, claim that influencing in some way the current price of bitcoin is the collapse in the number of active addresses, also in view of the uncertainty of the presidential elections in the USA.
According to what reported by CryptoQuant and its analyst collaborators like “Avocado onchain”, it seems that the Bitcoin market is quietly “stopped” waiting for something else.
In practice, the current trend of the price of Bitcoin and the reduction of active BTC addresses seem to be the result of a wait-and-see behavior by market operators.
In his analysis, Avocado onchain states that, regarding 2024, while the number of active Bitcoin addresses has significantly decreased, the price moves sideways within a wide range, without showing a clear direction.
This could be attributed to the position of market operators who seem to be quietly observing, influenced by factors such as the impact of spot ETFs on Bitcoin, the US presidential elections, and expectations of interest rate cuts.
Not only that, speaking of Bitcoin liquidity and the crypto market in general, another analyst from CryptoQuant, “Caueconomy”. also intervened.
In practice, it seems that in the last 30 days, the crypto market has recorded an increase in liquidity but without having a clear allocation.
In fact, it seems that in August, more than 3.65 billion dollars were added to the crypto market through the stablecoin Tether (USDT). This phenomenon reflects a greater demand for digital assets, but it does not necessarily happen immediately.
So if the added capital remains in the hands of the stablecoin, it is only a potential growth for the crypto market, and therefore, also here, waiting to become effective.
The short-term negative forecasts
In the meantime, recently there have been new forecasts for the short-term price of Bitcoin, not exactly positive. In fact, it seems that the cause of so much negativity concerns mining.
Basically, in fact, with the Bitcoin halving last April 2024, there was no decrease in mining costs, and the difficulty and the hashrate remained high.
So, since the support of $57,000 did not hold, the forecasts speak of a return to $55,000 or even to the $50,000 of early August.
