tl;dr
Bitcoin's price has shown a strong correlation with spot ETFs, as evidenced by its jump to over $58,000 following a two-week decline in ETFs. The negative streak led to withdrawals of nearly $900 million from the funds since August 26, impacting BTC's price, which dropped to a monthly low on Septemb...
Bitcoin's price has shown a strong correlation with spot ETFs, as evidenced by its jump to over $58,000 following a two-week decline in ETFs. The negative streak led to withdrawals of nearly $900 million from the funds since August 26, impacting BTC's price, which dropped to a monthly low on September 6. However, on Monday, positive netflows of $28.6 million reversed the trend, with Fidelity's FBTC, BITB, and ARKB leading in inflows. This caused BTC's price to rise to a 5-day high, although it has since retraced by over $1,000.
Bitcoin’s price continues to show high levels of correlations with the landscape around the spot ETFs. This was further proven by the price actions on Monday evening. BTC jumped to over $58,000 for the first time in five days as the ETFs broke a two-week-long streak. Over the weekend, CryptoPotato reported the negative streak the spot Bitcoin ETFs were on for two weeks. More specifically, the data showed that the financial vehicles were in the red for eight consecutive days, which was the longest such period since their inception in mid-January.
In terms of total numbers, the constant withdrawals meant that nearly $900 million was pulled out of the funds since August 26. All of this undoubtedly had an impact on BTC’s price, which stood at around $64,000 on August 26 (the last day with inflows) and slumped below $53,000 to mark a monthly low on September 6 (the last day of substantial outflows).
The tides changed on Monday as the positive netflows totaled $28.6 million – the first green number in two weeks. Leading the pack in terms of inflows were Fidelity’s FBTC, BITB, and ARKB. On the other hand, Grayscale’s GBTC and even BlackRock’s IBIT were in the red, charting outflows. BTC’s price not only stopped its freefall but actually went on the run and soared by several grand to a 5-day high of over $58,000. Despite retracing by over $1,000 since then, it’s still 3.5% up on the day.
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More about C3 Ai Inc
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C3 Ai Inc (C3), a company in the technology and services-prepackaged software sector, currently has a market capitalization of $2.7 billion. The stock price has experienced a -2.28% change over the last trading session, closing at $25.94. The trading volume stood at 325,433,000 shares. The Relative Strength Index (RSI) is calculated at 2.674, indicating a neutral position. The stock is currently trading around its 20-day moving average, showing a value of -0.855. Additionally, the stock is exhibiting a bullish trend with a positive 0.205 value above its 200-day moving average.
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More about
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As a seasoned Technical Analyst with over 25 years of experience in the stock market, my approach is fundamentally data-driven, delving deep into market charts, trends, and a wide array of technical indicators.
I utilize terms like 'support and resistance levels,' 'breakouts,' 'head and shoulders pattern,' and indicators of 'bullish or bearish trends' with precision to enlighten and guide my audience through market analysis.
My analyses are straightforward, laser-focused on the implications of findings, navigating the delicate balance between providing clear, actionable insights and acknowledging the inherent uncertainties of market prediction.
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