Analyst: On-chain data indicates that Bitcoin selling pressure is weakening, and the market is buying the dip
On October 25th, CryptoQuant analyst Axel posted on social media that the Bitcoin Exchange Supply Ratio (30d MA) of profit-taking supply has rebounded from -12% to -6%. This indicates that selling pressure is easing and the market is presenting buying opportunities during dips. Although the current proportion of profitable coins is still lower than that of a month ago, the decline has significantly narrowed - the negative momentum is weakening.
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Currently, the mainstream CEX and DEX funding rate indicates the market is further returning to neutrality after a rebound.
On October 25th, according to Coinglass data, the current mainstream CEX and DEX funding rates show that after the recent market rebound, the funding rates of multiple asset trading pairs have further returned to a neutral state. Overall, they still lean towards a bearish market. However, on some trading platforms, some trading pairs have begun to show a positive funding rate. The specific funding rates are shown in the following graph.
BlockBeats Note: The funding rate is a fee set by cryptocurrency trading platforms to maintain the balance between the contract price and the underlying asset price. It is typically applicable to perpetual contracts and is a mechanism for the exchange of funds between long and short traders. The trading platform does not charge this fee. It is used to adjust the cost or profit of traders holding contracts to keep the contract price close to the underlying asset price.
When the funding rate is 0.01%, it represents the baseline rate. When the funding ra
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Ethereum Spot ETF saw a total net outflow of $93.5957 million yesterday, marking the third consecutive day of outflows.
On October 25th, according to SoSoValue data, yesterday (October 24th, in US Eastern Time), there was a total net outflow of 93.597 million US dollars in Ethereum spot ETF.
Among the Ethereum spot ETFs with the most daily net inflow yesterday, it was the Grayscale Ethereum Trust ETF ETH, with a daily net inflow of 7.3953 million US dollars, bringing its total historical net inflow of ETH to 1.484 billion US dollars.
Among the Ethereum spot ETFs with the most daily net outflow yesterday, it was the Blackrock ETF ETHA, with a daily net outflow of 101 million US dollars, bringing its total historical net inflow of ETHA to 14.154 billion US dollars.
As of the time of writing, the total net asset value of the Ethereum spot ETF is 26.386 billion US dollars, and the ETF net asset ratio (market value as a percentage of the total Ethereum market value) is 5.55%. The cumulative historical net inflow has reached 14.353 billion US dollars.
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Bitcoin Spot ETF saw a total net inflow of $90.605 million yesterday, with not a single ETF experiencing net outflows.
On October 25th, according to SoSoValue data, yesterday (October 24th, Eastern Time), the total net inflow of Bitcoin spot ETF was $90.605 million.
Among them, the Bitcoin spot ETF with the highest single-day net inflow yesterday was Fidelity ETF FBTC, with a single-day net inflow of $57.924 million. And the total historical net inflow of FBTC has reached $12.597 billion.
Next is the Blackrock ETF IBIT, with a single-day net inflow of $32.681 million. The total historical net inflow of IBIT has reached $65.306 billion.
As of the time of writing, the total net asset value of Bitcoin spot ETF is $149.962 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 6.78%, and the historical cumulative net inflow has reached $61.985 billion.
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