Bitcoin trader warns of local BTC price top after $530M ETF inflows

Large ETF inflow days have historically caused a spike in the price of BTC, while Ether’s ETF launch day dismissed by both Bitcoin and Ether. Despite a spike in institutional buying, bitcoin faces a wave of profit-taking and price decline. Popular trader Skew warned of a “headline curse” in his most recent research on X, the day the US spot Bitcoin BTC exchange-traded funds took in more than $500 million.

Skew, a market expert, highlighted the positive times for Bitcoin ETF popularity but warned that these good times are not guaranteed to last. He noted that the largest US spot ETF, IBIT, experienced $526 million in inflows on June 22. However, such large inflow days have historically preceded BTC price sell-offs, occurring around market supply zones.

Bitcoin and Ethereum Prices React

The US spot ETFs saw their highest netflow total since March on July 23, with data from sources like the UK-based investment firm Farside Investors indicating that amount.The market dropped approximately 25% between March when BTC/USD reached its all-time high that remains today.”In terms of actually trading this, the obvious question is whether the market sustains this demand & momentum for higher prices,” Skew said.

He underlined that to maintain existing levels and potential increases, there must be consistent demand for spots, spot takers absorbing supply, and overall seller absorption. As of this moment, the price of bitcoin was approximately $66,550, down 1.5% from the previous day, according to statistics from TradingView and Cointelegraph Markets Pro.

Meanwhile, the Ethereum ETFs are gaining attention due to various risks. US authorities have given Spot Ether permission to start trading on July 23. To now, ETFs have not succeeded in causing the price of the biggest altcoin by market capitalization to rise as anticipated. As opposed to Bitcoin in the days leading up to its ETFs going live in mid-January, ETH/USD is flat today and risen barely 1.5% over the previous week.