U.S. Bitcoin (CRYPTO: BTC) ETFs recorded back-to-back inflows totaling $616 million for the first time in a month, yet total holdings dipped only 6% despite Bitcoin’s 50% crash as BTC tests critical $68,000 support.
The Institutional Conviction
Bitcoin ETFs registered consecutive inflows starting Friday with $471.1 million, followed by $144.9 million on Monday, according to SoSo Value data.
This ended a redemption streak stretching back to mid-January.
According to Checkonchain, cumulative assets across 11 funds dropped only 7% since early October, sliding from 1.37 million BTC to 1.29 million BTC.
During this same period, Bitcoin crashed over 40% from record highs above $126,000.
This reveals institutional staying power. ETF holders maintained 94% of their Bitcoin through a brutal 50% drawdown.
In mid-January, Bitcoin peaked near $98,000 after rallying from $87,000. The subsequent crash to $60,000 triggered redemptions, but total holdings barely budged.
The bounce brought buyers back. Bitcoin recovered from Thursday’s $60,000 low to around $70,000, coinciding with the return of ETF inflows after weeks of outflows.
The Make-Or-Break Technical Level
Bitcoin is currently sitting at a critical weekly decision point.
The price broke below the 100 EMA at $85,369, signaling a shift in medium-term trend.
Adding to concerns, Bitcoin now trades below the 20 EMA at $90,336 and 50 EMA at $94,228.
The 200 EMA at $68,319 sits just below current prices as the final major support from moving averages.
The uptrend structure broke. Bitcoin violated the ascending trendline from the lows, suggesting the rally structure is compromised. Immediate support sits at $68,000-$70,000.
A weekly close below this zone opens the path to $60,000-$65,000. The RSI at 28.46 shows deeply oversold conditions, but these readings can persist during strong downtrends.
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