ETF companies usually create the strongest buying pressure in the market. If the decline in Bitcoin ETF volume isn’t part of a strategic move, it suggests that ETF companies’ demand for Bitcoin is decreasing. When their demand drops, the buying pressure on the BTC order book weakens, which can lead to a price decline.
Unless the decreasing demand for Bitcoin is offset by a rising interest in Ethereum, this is a negative signal for crypto investors. As seen in the chart, there’s no positive divergence in Ethereum’s volume either — and this indicates that things could take a turn for the worse in the short term.
Written by theKriptolik
