U.S. stocks and the cryptocurrency market fell in tandem, with short-term pressure on the market and a clear decline in market risk appetite. Keith Alan, co-founder of trading resource Material Indicators, predicts that the $107,000–$110,000 range is becoming a key focus, with heavy short-term pressure, while the 100-day moving average at $110,950 may be the next line of defense.
On-chain analytics firm Glassnode pointed out in its latest report that although nearly $900 million flowed into U.S. spot Bitcoin ETFs last week, spot momentum continues to weaken, leveraged positions are overly crowded, and increased profit-taking pressure means that the market still faces the risk of further deleveraging. On Monday, U.S. spot Bitcoin ETFs saw a net outflow of $121 million, with the largest product IBIT experiencing its first outflow of funds since August 5.
Glassnode believes that whether Bitcoin can rebound from its decline in the future will depend on the sustainability of ETF capital flows and the willingness of new buyers to enter the spot and futures markets as profit-taking sentiment rises.
Keith Alan, co-founder of Material Indicators, pointed out that despite evident short-selling pressure, bulls are still trying to stabilize the situation, and the $107,000–$110,000 range is gradually becoming the focus. He also emphasized that the 100-day moving average at $110,950 may serve as support, while the 50-day moving average at $115,875 is a key level that bulls must reclaim.
On the other hand, Singapore-based market maker Enflux pointed out in a report to CoinDesk that the current market downturn is merely a 'dislocation' between short-term prices and industry structure. Enflux emphasized that investors are ignoring news with more long-term significance:
Google becomes the largest shareholder of mining company TeraWulf
Wyoming launches state government-supported stablecoin
Tether hires former White House crypto policy officials
These events represent a rapid flow of capital and talent towards a compliant and institutional future, indicating that the pace of industry maturity is outstripping price reflections.
Source
