Bitcoin Spot ETF saw an outflow of 870 million USD in a single day, making it the second largest in history, with 94K serving as a common defense line for long positions.

The US Bitcoin Spot ETF saw a massive net outflow of over $869 million yesterday, marking the second-largest single-day outflow record since its listing. As Bitcoin's price briefly fell to around $97,000, CryptoQuant and JPMorgan both focused on the $94,000 level, believing that the downside potential is quite limited, and long positions have not yet been truly defeated.

Bitcoin spot ETF saw a daily outflow of 870 million USD, setting the second largest record in history.

SoSoValue data shows that the U.S. Bitcoin Spot ETF recorded a net outflow of $869 million on Thursday, second only to the record of $1.14 billion set on February 25 of this year.

Among them, Grayscale's BTC ( Grayscale Bitcoin Mini Trust) had the highest outflow amount, reaching 318 million USD; followed by BlackRock's IBIT, which saw an outflow of 256 million USD; and Fidelity's FBTC also decreased by 119 million USD.

The Ethereum Spot ETF also recorded an outflow of $259 million, while the SOL Spot ETF saw an inflow of $1.49 million.

Kronos Research and Presto Research interpret this wave of outflow as a hedging signal, indicating that large funds choose to temporarily withdraw during increasing macro uncertainty, which in turn drags down the Bitcoin trend:

Demand is concentrated in the buffer zone of $92,000 to $95,000, while buyer consensus is still being rebuilt.

( Bitcoin touches 96K! Trader Eugene announces entering survival mode: temporarily not considering buying the dip )

Bitcoin “continues to fall”, with liquidations reaching 1.1 billion USD in the last 24 hours.

The cryptocurrency market continued to fall this morning and at noon, with Bitcoin dropping below $97,000, Ether briefly touching $3,100, and SOL approaching $130, as market sentiment fell into panic.

Coinglass data shows that the cryptocurrency market had liquidations of 1.1 billion dollars in the last 24 hours, with 420 million dollars cleared in the last four hours.

Where is the next defense position?

CryptoQuant identifies new buyers' average cost at 94K

Regarding the market outlook, CryptoQuant CEO Ki Young Ju stated that the average cost for investors who entered the market in the past 6 to 12 months is close to 94,000 USD:

I personally believe that I will not consider it to have entered a bear market cycle before it falls below that price level.

In other words, it is more like a consolidation of market consensus and a test of buying power, rather than a comprehensive collapse.

JPMorgan also sees a favorable outlook for 94K: the production cost of Bitcoin is rising.

JPMorgan's latest report also indicated that the estimated “production cost (production cost)” of Bitcoin has risen from $92,000 to $94,000, mainly due to the significant increase in mining difficulty. Analysts stated: “The current price is close to the cost line, and the downside potential is very limited.”

In addition, JPMorgan still maintains its mid-term expectation for Bitcoin to reach $170,000 in 6 to 12 months.

( Transmission of Gold Cryptocurrency Divergence: JPMorgan says Bitcoin will rise to 170,000, while Galaxy pessimistically revises it down to 120,000 USD )

This article states that the Bitcoin Spot ETF saw an outflow of 870 million USD in a single day, marking the second largest in history, with 94K forming a common defense line for long positions, first reported by Chain News ABMedia.