Institutional Funds Pull Out Again…Bitcoin, Ethereum, XRP's Simultaneous Ascent 'Braked'

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are simultaneously losing upward momentum. Amidst the halt of continuous fund inflows into Bitcoin spot ETFs for 9 consecutive trading days, with $149 million flowing out, and as Ethereum ETFs also saw an expanding net outflow and XRP fell below $1.50, the short-term recovery of major cryptocurrencies has been halted.

According to investment media FXStreet on October 1 (local time), Bitcoin traded around $83,450, moving within the $82,500-$85,000 range. According to SoSoValue data, U.S. Bitcoin spot ETFs experienced a net outflow of $149 million on Wednesday, ending a 9-day consecutive net inflow streak. Cumulative net inflows amounted to approximately $58 billion, with net assets at $108 billion. While the market's Fear & Greed Index remains in the 'Greed' territory, analysis suggests that continued fund outflows could signal a depletion of buying pressure.

Ethereum spot ETFs also saw a net outflow of $60 million on Wednesday, a significant increase from Tuesday's $3 million outflow. Cumulative net inflows totaled $14 billion, with net assets at $18 billion. XRP spot ETFs saw stagnant fund flows on Tuesday and Wednesday, following 5 consecutive days of net inflows. However, with cumulative net inflows of approximately $1.8 billion and net assets around $1.7 billion, long-term investment sentiment is assessed to remain positive.

Bitcoin's technical trend still maintains an upward structure despite selling pressure. The price is above the short-term and long-term Exponential Moving Averages (EMA) and SuperTrend, with the Relative Strength Index (RSI) around 60, indicating bullish momentum. Conversely, the Moving Average Convergence Divergence (MACD) remains in negative territory, suggesting that upward pressure is slowing rather than strengthening. In case of a decline, the SuperTrend at $78,352 and the 50-day EMA at $78,029 are the first major demand zones, and in further corrections, the area around $74,500 where the 100-day and 200-day EMAs converge is presented as a structural support level.

Ethereum also remains above its major moving averages despite selling pressure. The price is moving below $2,700, with $2,600 mentioned as a psychological support level in the short term. The 50-day, 100-day, and 200-day EMAs are formed around $2,260-$2,456, and the SuperTrend is located at $2,434. The RSI maintains a bullish trend at around 62, but the MACD remains below the 0 line. In case of a decline, the 50-day EMA at $2,456 and the SuperTrend at $2,434 are the first lines of defense, followed by the 100-day EMA at $2,290 and the 200-day EMA at $2,261 as additional support levels.

XRP has continued its correction from its September high of $1.66, falling below $1.50, but remains above its major EMAs, thus maintaining its short-term bullish structure. The RSI is around 55, above the neutral line, while the MACD has slightly dipped below the 0 line, indicating a slowdown in upward momentum. The current price level of $1.49 is the primary support, and if selling pressure increases, $1.38, where the 50-day and 200-day EMAs converge, will be a critical line of defense. If even this level breaks, the possibility of further correction to the 100-day EMA at $1.31 and the SuperTrend at $1.28 could open up, suggesting that ETF fund flows and the defense of major moving averages will determine the future direction.

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