Bitcoin miners have recently locked in over $3.46 million in profits as Bitcoin’s price soared to $69,000.
With this rally, only 2.26% of all Bitcoin addresses remain in the red, highlighting strong profitability across the network. Despite the upward momentum, 59.08% of traders on Binance with open Bitcoin futures positions are going short, indicating skepticism about the rally’s sustainability.
59.08% of all traders on #Binance with open #Bitcoin futures positions are going short! pic.twitter.com/mX1WsfgwRg
— Ali (@ali_charts) October 28, 2024
On October 25, the Coinbase Premium Index slipped to -0.20, reflecting notable selling pressure among U.S. retail investors. However, a contrasting trend is seen in Bitcoin Spot ETFs, which are witnessing strong inflows—an indicator of increasing institutional trust in the asset.
On October 25, 2024, the Coinbase Premium Index dropped to -0.20, indicating strong U.S. retail selling.
Meanwhile, #Bitcoin Spot ETFs saw big inflows, signaling institutional trust. Buying might resume if the index moves above its 14-day SMA. pic.twitter.com/BcE6IxG1CV
— Kyledoops (@kyledoops) October 27, 2024
Analysts suggest buying may resume if the Coinbase Premium Index moves above its 14-day simple moving average (SMA), signaling potential recovery in retail sentiment.
Data indicates a rise in the cash-and-carry trade strategy, marked by increased Bitcoin ETF inflows and CME futures open interest.
This suggests traders are leveraging long-spot positions in ETFs and short positions in futures to profit from yield differences. pic.twitter.com/r7g1ApK3PZ
— Kyledoops (@kyledoops) October 27, 2024
Bitcoin Spot ETFs Data For Last Week
The past week saw significant activity within the Bitcoin spot ETF space. BlackRock’s IBIT ETF gained traction with a $1.15 billion boost, resulting in a net inflow of $997.7 million. Meanwhile, ARK’s ARKB ETF faced outflows, shedding $206 million. This shift highlights BlackRock’s growing influence in the Bitcoin ETF market, as institutional investors rally around the IBIT ETF.
Last week, Bitcoin spot ETFs experienced a significant shakeup:
BlackRock's IBIT ETF surged with a $1.15 billion gain, driving a net inflow of $997.7 million, as ARK's ARKB ETF stumbled, shedding $206 million. pic.twitter.com/LIGL4QKAMh
— Kyledoops (@kyledoops) October 28, 2024
Data also reveals a rise in cash-and-carry trading strategies, characterized by increased ETF inflows and higher CME futures open interest. This approach involves taking long positions in Bitcoin spot ETFs while simultaneously shorting futures to profit from yield discrepancies. The growing popularity of this strategy underscores institutional investors’ demand for stable returns, even amid Bitcoin’s volatile price movements.
In summary, while retail sentiment remains mixed, institutional players are strengthening their Bitcoin positions, suggesting sustained interest and trust in the asset’s potential. This dual market dynamic could shape Bitcoin’s trajectory as it navigates both retail caution and institutional confidence.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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