According to The Block, as BTC continues its bearish trend below $78,000, analysis suggests that spot ETF outflows and large-scale long position liquidations are weighing on the market. This week, BTC spot ETFs saw outflows for four consecutive trading days, and approximately $584 million worth of long positions were liquidated in the futures market. Glassnode diagnosed that the current market lacks strong spot buying pressure, and a breakout back above $80,000 may require increased ETF buying or a short squeeze. The market is paying close attention to the $76,000 range as a key support level.
