Bitcoin and Ether ETFs See Major Outflows, While Solana Defies Trend Amidst Bitcoin's Sell Wall Resistance
Bitcoin and Ether ETFs See Major Outflows, While Solana Defies Trend Amidst Bitcoin's Sell Wall Resistance
The cryptocurrency market is experiencing divergent trends, with US spot Bitcoin and Ether Exchange Traded Funds (ETFs) recording significant outflows. Bitcoin ETFs alone have bled over $2 billion in one of their worst outflow streaks ever, compounded by a formidable 'sell wall' above $105,000 that is capping its price upside.
In contrast, Solana ETFs have demonstrated robust performance, extending a seven-day winning streak, signaling a potential shift in investor focus towards the altcoin.
Market Trends & ETF Performance
US spot Bitcoin ETFs are grappling with a challenging period, having experienced outflows exceeding $2 billion in what is described as their second-worst outflow streak ever. This pressure is not exclusive to Bitcoin, as Ether ETFs have also seen continued outflows this week, reflecting a broader cautious sentiment among investors in these established assets.
In stark contrast, Solana ETFs have emerged as a bright spot, defying the prevailing trend of outflows. They have successfully extended their winning streak to seven consecutive days, signaling robust investor confidence and potential capital rotation towards newer, high-growth cryptocurrencies.
Bitcoin Faces Significant Resistance
Adding to Bitcoin's woes, the cryptocurrency is currently facing an 'insane' sell wall positioned above the $105,000 level. This significant concentration of sell orders, reportedly stretching up to the $112,000 mark, is actively limiting Bitcoin's price upside. Suspicions are rising regarding the identity of the large entity behind this sell wall, which is creating a strong resistance level for the digital asset.