Bitcoin Tests $80,000 Support Amid ETF Inflow Drop
Index fund inflows fell 95% in one day as the market awaits U.S. inflation data.
Bitcoin Editor: Fabricio Marcilio 1 min read
Bitcoin is trading near the $80,000 level. This price point aligns with the average acquisition cost for spot Bitcoin ETFs and publicly traded corporate treasuries.
Net inflows into index funds saw a sharp 95.6% decline in just one day. Data shows that investments dropped from $526.7 million on October 19 to $23.2 million the following day.
Analysts note that the asset price briefly dipped below the ETF cost basis, which is estimated at $81,500. Corporate treasuries hold an average acquisition cost near $80,200.
Investors are now turning their attention to U.S. economic data releases this Friday. The calendar includes inflation reports and University of Michigan sentiment surveys ahead of the Federal Reserve decision.
Inflation data coming in higher than expected could boost short-term Treasury yields and strengthen the dollar. This scenario typically puts pressure on risk assets like Bitcoin.
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