Bitcoin price was hovering right around $75,000 on Wednesday as the overall crypto market was affected by continued low institutional confidence, fueled by rising BTC ETF withdrawals as well as geopolitical concerns. At press time, Bitcoin was trading at approximately $75,300, posting a mild decline over the past 24 hours.
Bitcoin Price Holds Near $75K
Prior to the last few days of price movement, Bitcoin price had made an attempt to push above its previous high of $76,000, but had been unable to gain enough momentum or volume, and continued under bearish pressure.
From the TradingView chart, we can see that BTC was continuing to hold below its major exponential moving averages. This signals that sellers were still leading the broader trend.
The 50-day, 100-day, and 200-day moving averages continued acting as key resistance zones, limiting Bitcoin’s recovery attempts.
The cryptocurrency’s current price structure suggested there was a lack of confidence among those trading in this risk asset with traders watching for signs of stability at approximately $74,000.
Also Read: Bitcoin Price Holds Above $76K as Crypto Tice Eyes Massive Long-Term Breakout
BTC ETFs Extend Selling Streak
According to the data from SoSoValue, Bitcoin ETFs (Exchange Traded Funds) had a net outflow of $333.31 million on Tuesday, continuing the trend of recent institutional selling pressure.
The level of inflows into BTC ETFs now stands at $56.75 billion, and there is currently $98.40 billion in total net assets across all ETF products backed by Bitcoin.
Overall, the continued BTC ETF outflows provide evidence that institutional investors remain somewhat risk-averse to the price of Bitcoin, even though Bitcoin remains above key support levels.
Low demand for exchange-traded cryptocurrency products has also played a role in the overall slowing of the broader cryptocurrency market recently.
Also Read: Bitcoin Price Eyes CME Gap Rally as Market Watches Key $79.000 and $84,000 Levels
Ethereum and XRP ETF Flows Show Mixed Momentum
Based on the data from SoSoValue, Ethereum’s recent activity and XRP’s ETF flow have revealed a case of two different types of momentum.
For example, Ethereum has recently had an influx of institutional investors after experiencing 35 million in outflows from a series of Ethereum ETFs that traded on the spot market.
As such, Ethereum has remained below the $2,100 price point which is viewed as an important resistance level and would be indicative of further upward momentum in the short term.
On the other hand, XRP has been holding its own compared to both Bitcoin and Ethereum since it experienced $1.55 million in inflows from ETFs that were traded on the spot market. This trend has shown steady growth over the course of the last couple of weeks.
It appears that volatility will be largely driven by Bitcoin’s recent price movements along with the BTC ETF flows in the upcoming sessions while traders are monitoring institutional activity as well geopolitical events.
Also Read: Bitcoin Price Shock 5 Signals Hint at Major Market Shift After $79K Drop
