Bitcoin Price Forecast: BTC-USD Could Break Below $100K due to ETF Outflows and …
As the crypto market continues to show signs of fluctuation, Bitcoin’s performance is closely monitored by investors and traders alike. Recently, Bitcoin (BTC-USD) experienced a slight decline to $109,700 as spot ETFs shed a significant amount totaling $903 million, while miner reserves also saw a decline.
ETF redemptions have hit $903 million as of late September, with notable movements such as Fidelity’s FBTC losing $738 million while BlackRock’s IBIT gained $174 million. This has had a considerable impact on Bitcoin’s overall ETF market, which now totals $143.56 billion, making up 6.59% of BTC’s $2.17 trillion market cap. Furthermore, the added pressure from miner selling is contributing to the downside risk for Bitcoin.
With MicroStrategy holding a substantial $70 billion worth of Bitcoin in its treasury, the ongoing fluctuations in the market pose a significant risk. This, combined with the recent support level at $108,600, sets the stage for a crucial week ahead for both bullish and bearish sentiments.
Looking at other cryptocurrencies in the market, Solana has successfully defended its position at $200 amid the inflow of $1 billion worth of Wrapped Bitcoin and an ETF filing, indicating a potential breakout towards $250. XRP-USD has stabilized at $2.77, with upcoming ETF decisions and significant whale accumulation possibly steering a Q4 rally.
On the stock market front, IYRI ETF has secured a price of $50.24, offering an attractive yield of 8.7% as Fed rate cuts breathe new life into the real estate income play. With $124.46 million in assets, the NEOS Real Estate High Income ETF boasts top holdings including Prologis (PLD) and Welltower (WELL), combining REIT exposure with covered calls to deliver monthly dividends against the backdrop of shifting Fed policies.
In the technology sector, CoreWeave stock price has anchored itself at $120, amidst a $30.1 billion backlog and Nvidia’s $6.3 billion put, promising a steady growth trajectory. With a surge of 208% year-to-date, CoreWeave has been fueled by unprecedented AI demand, lucrative deals with OpenAI, and Nvidia-backed guarantees ensuring sustained growth despite high leverage and cash burn concerns.
The dynamics in the cryptocurrency, ETF, and stock markets are evolving rapidly, with various factors influencing price movements and investor sentiment. As Bitcoin faces the risk of a breakdown from $109,449 towards $100,000 amidst ETF outflows and miner selling acceleration, market participants and analysts are closely monitoring these developments to navigate the ever-changing landscape of digital assets and traditional financial instruments.
