Bitcoin Price After a $643 Million ETF Outflow: Here Are the Reasons

What is documented: the eleven US spot ETFs on Bitcoin recorded a net outflow of $643.33 million on Friday, October 30, as measured by Farside Investors and put at almost the same figure, $643.2 million, by SoSoValue. The bitcoin price stands at $77,514 or €69,212 on Saturday midday, 0.22 percent above the previous day, as of October 31 according to data from CoinGecko. Our assessment follows further down: the outflow measures the behaviour of one particular group of investors and not selling pressure on the spot market, which is why no price target can be derived from it alone.