A more “sustained” run of spot Bitcoin ETF inflows may counteract the Bitcoin "spot market buying slowing,” says Bitfinex analysts.
A multi-day streak of spot Bitcoin (BTC) exchange-traded fund inflow is starting to form, which may prop up BTC price even with fading spot buyer demand, according to Bitfinex analysts.
“Sustained ETF inflows could buoy the BTC price,” Bitfinex analysts opined in a Sept. 23 report as a “significant counter-argument” to their prediction of short-term price consolidation due to the decline in Bitcoin purchases on crypto exchanges.
“With Bitcoin spot market buying slowing, evidenced by spot Cumulative Volume Delta flattening when the price reached $63,500, we foresee BTC moving in a range in the near term,” the analysts explained.
