Last week, more than $385 million left spot Bitcoin ETFs — a sharp reversal from summer inflows. Institutional funds are either taking profits or expressing doubt about near-term direction.
Futures open interest and perpetual funding rates are climbing, but spot volume is not keeping pace. This mismatch suggests retail speculation is replacing institutional participation.
Geopolitical uncertainty, weaker institutional flows and ongoing debate over U.S. crypto regulation continue to cloud the outlook. No single catalyst has emerged to shift sentiment decisively.
A break below $63,000 would signal continued weakness. A sustained move above $65,600 would require fresh institutional demand — something the current data does not yet confirm.
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