Thomas Daniels
Bitcoin continued its rebound following the weekend closure of the CME futures gap, climbing toward the $116,000 resistance—a critical liquidity zone eyed by market participants. Technical analysis suggests that a sustained move above $115,850 would likely validate the $112,000 area as interim support. Should downward pressure persist, a sweep toward $110,500 could prompt a corrective bounce, provided that prior all-time high levels around $110,000 hold firm.
Market commentary from technical strategists emphasizes the relevance of CME gap dynamics and order-book liquidity concentrations. With open interest in Bitcoin futures reaching its lowest levels since mid-July, analysts at QCP Capital interpret the recent pullback as a constructive leverage flush rather than a broader capitulation. Historically, such shakeouts have preceded new accumulation phases—particularly when structural and macroeconomic conditions remain favorable.
On the institutional front, U.S.-listed spot Bitcoin exchange-traded funds experienced $812 million in net outflows last Friday, marking the second-largest single-day withdrawal on record. Total assets under management across these ETFs fell to approximately $146.5 billion, equating to around 6.5% of Bitcoin’s market capitalization. Fidelity’s FBTC and ARK’s ARKB accounted for the bulk of redemptions, while BlackRock’s IBIT saw minimal outflows, signaling differentiated investor behavior across products.
Despite the withdrawals, trading volumes remained elevated, with total turnover exceeding $6.1 billion. This level of activity suggests that institutional engagement has not diminished significantly and may pivot back into net inflows pending renewed market confidence.
Going forward, netflows into flagship ETFs such as IBIT and FBTC will serve as important barometers of institutional sentiment. Supporting indicators such as narrowing implied volatility skew and stabilizing open interest would reinforce a shift back toward bullish positioning.
