Bitcoin · Bitcoin ETF · Federal Reserve (FED) · CryptoSlate
Why Bitcoin’s rally above $80,000 isn’t backed by institutional conviction
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Bitcoin held above $80,000 this weekend while three institutional indicators pointed in different directions.
Key facts
- At the Sept. 20 refresh, CryptoSlate's Bitcoin market page showed BTC at $80,338.71 with $22.38 billion in 24-hour volume
- Bitcoin was still below the $82,000 to $82,200 resistance area at the Sept. 20 refresh
- Despite that finish, the five sessions from Sept. 14 through Sept. 18 produced $6.1 million of net inflows
- Bitcoin is -0.21% over the past 24 hours and currently sits at rank # 1 by market cap
Summary
01 CFTC data show leveraged funds reduced net BTC-futures shorts by 7,275 BTC-equivalent by Sept. 15. 02 Asset-manager net longs fell 4,733 BTC-equivalent, leaving institutional conviction mixed. 03 US spot Bitcoin ETFs drew $592.5M on Sept. 17-18, but only $6.1M across the week. The Sept. 15 snapshot from the Commodity Futures Trading Commission showed leveraged funds becoming less net short across four regulated Bitcoin futures products.