Spot #Bitcoin ETFs have faced significant turmoil due to a persistent streak of outflows, continuing for seven days, with no new inflows throughout the week. This has heightened uncertainty in the Bitcoin community, especially as today's Bitcoin's price has dropped to $54,550, by 10:45am EST marking about a 5% decline over the past week and losing support around the $60,000 level. Major ETF providers like Grayscale, BlackRock, and Fidelity have reported substantial outflows, totaling $211 million on September 5, reflecting growing bearish sentiment among institutional investors. Despite Bitcoin spot ETFs having a total net asset value of about $50 billion since their inception in January, recent stagnation and negative market sentiment have contributed to increased volatility. Additionally, $39.53 million in Bitcoin liquidations over the past 24 hours, primarily from long positions, underscores the challenging market conditions and the dim outlook for a trend reversal in the near term.

This is an important week of economic data, with the Friday jobs report especially in focus. Economists polled by the Wall Street Journal expect the U.S. to have added 161,000 new jobs in August, up from 114,000 in July, and expect the U.S. unemployment rate to fall to 4.2%, from 4.3% in the previous month. Such data is important to watch, as it could determine the short-term direction of bitcoin’s price (#BTCUSD).

Bitcoin momentarily hit $62k following Powell’s speech on economic outlook. Crosses $63k with RFK Jr. endorsing Trump after weeks of back-channel courtship.

Crypto Analyst Says ‘Think Bigger’, Bitcoin Price Is Headed To $100,000. Be cautious as this can go just the opposite.

2024 April 20: #Bitcoin has officially executed an event known as the halving, the fourth bitcoin halving occurred on Friday at a little after 8:09 p.m. Eastern Time. The event, which happens roughly every four years, essentially cuts the Bitcoin reward that miners receive for powering the network in half, reducing the new supply of BTC entering the market. Bitcoin's fourth halving occurred at block height 840,000, ushering in a new epoch for the network. As a result, the rewards for mining a block has reduced from 6.25 BTC to 3.125 BTC from this date onward and until next halving event which would occur in the year 2028.

Flash update: The ETFs had a large inflow of of at least $720M, which would require the purchase of around 15,108 BTC to cover. Buying pressure for Bitcoin. About 690 BTC were left OTC and with 90 BTC drained this morning leaves 600 BTC remained.

Critical Update: The introduction of Bitcoin ETFs with 11 players approval, consider it as a long-term positive development. Short-term may witness quite a swing, large profit takings and market manipulations. In short-term, these ETFs are being used to arbitrage Bitcoin through OTC backdoor deals and cash-creation setups for big players. The Grayscale Arb is a particular pain right now causing a lot of this movement so do not let your emotions turmoil the trades. Meanwhile retail investors are rotating into other assets chasing the latest pump and that is ETH as it's not been in the direct target at this market. Eye on SOL as great chances are there for beautiful swings mostly in your favor.

Update: SEC met with all spot Bitcoin ETF issuers and asked them to remove any references to "in-kind" redemptions from their filings: "cash creates" only. Now, it's inevitable. 😀

Update: ARK 21Shares Spot Bitcoin ETF listed on the DTCC with ticker $ARKB. #Bitcoin #ETF is inevitable, but watch your trades carefully as they're gonna be heck swings. One more take profit, and exit:

Latest: BlackRock's proposed Spot Bitcoin ETF updated with the ticker IBIT to an amended S-1 filing on Monday (Securities and Exchange Commission).