Rising funding rates and increased open interest in the Bitcoin (BTC) market indicate that bulls are attempting to defend the critical $70,000 support level. However, outflows from spot ETFs are raising concerns about a shift in institutional investor sentiment toward Bitcoin. This is reported by Cointelegraph.com reports .
According to Hyblock data, retail investors view price dips as favorable buying opportunities. The stability of open interest suggests that traders are adding collateral to maintain their positions or opening new long positions. Inter-exchange funding rates remain largely positive, signaling that bullish confidence in the market remains strong.
Bitfinex analysts note that investors are taking precautionary measures ahead of the U.S. Personal Consumption Expenditures (PCE) report. On Wednesday, over $200 million flowed out of spot Bitcoin ETFs, with the total over the last 7 days exceeding $1.5 billion. This situation is putting significant pressure on market dynamics.
The shift of the Coinbase premium indicator into negative territory is also being viewed as a significant warning signal. Analysts believe that since the emergence of ETFs, direct demand on Coinbase has been replaced by institutional demand executed through ETFs and over-the-counter (OTC) trading platforms.
While the Bitcoin price currently maintains an upward trend on lower timeframes, analysts state that the technical conditions necessary for the trend to continue have not yet fully formed. The $70,000 level will remain the primary battleground in the coming days.
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