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Data in the spotlight: Selective order on exchange-traded funds maintains inflows of XRP while BTC and ETH experience outflows.
Bitcoin continues to face a noticeable decline in institutional interest, with a decrease in demand for spot exchange-traded funds (ETFs). Bitcoin exchange-traded funds listed in the United States recorded outflows of approximately $158 million on Friday.
The cumulative net inflows reached $57.41 billion, while the net assets amounted to approximately $114.87 billion, according to SoSoValue data. If the outflows continue, market sentiment may deteriorate further, limiting price increases to below $100,000.
Bitcoin ETF Statistics | Source: SoSoValue
Ethereum exchange-traded funds witnessed outflows of approximately $76 million on Friday. Ethereum outflows have continued for seven consecutive days, reflecting the prevailing pessimism in the cryptocurrency market. The cumulative net inflows amounted to $12.44 billion, while the net asset value reached $18.21 billion.
Ethereum ETF Statistics | Source: SoSoValue
Bitcoin is trading above $89,000 at the time of writing this report on Monday, supported by the upward relative strength index (RSI) at a level of 48 on the daily chart. The relative strength index itself appears to be poised for a breakout of the midpoint line at 50, which is likely to strengthen price momentum to support a breakout above $90,000.
The Moving Average Convergence Divergence indicator (MACD) shows a positive divergence, with the blue line above the red signal line on the same daily chart. If the green bars continue to expand above the average line, the path of least resistance may remain upward.
Closing the price above the 50-day exponential moving average at $93,608 will open the way for an extended breakout towards the 100-day exponential moving average at $99,239. The 200-day exponential moving average at $101,987 may limit price retracements above $100,000.
The daily chart for the BTC/USD pair
However, moving averages are generally trending downward, confirming bearish expectations. Therefore, a close below the $90,000 level could lead to another wave of selling, with support at the $83,822-$84,450 level within reach.