As BTC has been consolidating above $82,000-$85,000 for over a week, Bitfinex analyzed that approximately $190 million must flow into US spot BTC ETFs daily to absorb the selling pressure in the $84,000-$86,500 range. According to CoinDesk, Bitfinex explained, “Approximately 1.39 million BTC are concentrated in that range at their break-even point. To absorb this, BAER (a metric dividing daily BTC purchases by ETFs by daily newly mined BTC) needs to recover to a level of 5x.” Meanwhile, BAER fell from 25.6x on September 21 to 1.8x on September 29, and US spot BTC ETFs recorded a net outflow of $148.69 million on September 30 (local time), switching from 9 consecutive trading days of net inflow.
