It’s new quarter, but same old bitcoin price range. The cryptocurrency is still stuck between $82,000 and $85,000, extending more than a week of choppy, sideways price action.
Prices briefly topped $85,000 on Wednesday after weaker-than-expected U.S. inflation cooled bets on Fed rate hikes, But bulls couldn’t hold the move and spot ETFs didn’t help.
The U.S.-listed ETFs registered a net outflow of $148.7 million on Wednesday, ending a nine-day inflows streak that pulled in $3.08 billion, according to data source SoSoValue. That was the biggest inflow streak of the year in dollar terms.
Moreover, the streak was fading before it ended. Daily inflows peaked near $1 billion on Sept. 21 and steadily shrank over the following days. The pace of daily inflows needs to pick up for prices to continue rising, according to analysts at Bitfinex
“Daily pace remains the key determinant for clearing overhead supply,” analysts said in a market note.
The Bitfinex Absorption-to-Emission Ratio (BAER), a metric that divides the BTC bought by ETFs in a session by the roughly 450 BTC miners produce each day, has compressed from 25.6x on 21 September to 1.8x on 29 September.
