Bitcoin Faces Shorting Pressure Amid Broader Crypto Fund Outflows While Altcoins Show Resilience
Bitcoin Faces Shorting Pressure Amid Broader Crypto Fund Outflows While Altcoins Show Resilience
A high-leverage trader has gone "all-in" on shorting Bitcoin, anticipating a decline below $92,000 despite positive sentiment around a US government shutdown ending. This bearish bet on Bitcoin occurs while crypto exchange-traded products (ETPs) have recorded $1.5 billion in outflows over two weeks, driving total assets under management to their lowest since mid-July. Notably, altcoins are observed to be defying this negative trend in fund flows.
Bitcoin Under Bearish Pressure
High-leverage trader James Wynn has publicly stated he is “all-in,” betting on a Bitcoin decline below $92,000. This bearish stance comes despite broader market optimism following the conclusion of a 40-day US government shutdown.
Crypto Funds Experience Significant Outflows
In the wider cryptocurrency market, crypto exchange-traded products have posted their second consecutive week of outflows, totaling $1.5 billion. This sustained selling pressure has reduced assets under management in crypto ETPs to $207.5 billion, a level not seen since mid-July. While the general trend for crypto funds has been negative, altcoins are reportedly bucking this trend, showing relative resilience.