Bitcoin (BTC) spot exchange-traded funds (ETFs) are recording their largest daily inflow in nearly eight months.
Analyst TedPillows tells his 314,300 followers on X that the funds bought $730.87 million worth of Bitcoin on September 3rd.
He warns that on the two prior occasions when daily ETF inflows topped $700 million, Bitcoin formed a local top shortly afterward.
“The last two times, Bitcoin ETFs had a $700,000,000+ in daily inflow; BTC shortly formed a top. Yesterday, ETFs bought $730,870,000 in BTC, the largest inflow in almost eight months. Is the local top close for Bitcoin?”
On-chain analyst Alex Adler Jr. says Bitcoin ETFs account for a large share of the net flows over the last 30 days.
“Of the ~105K BTC equivalent net capital inflow over the past month, US spot ETFs contributed ~42.8K BTC in net flows, equivalent 41% of that amount.”
Meanwhile, the pseudonymous analyst DonAlt, who has a long history of accurately timing Bitcoin moves, believes BTC is in bull territory as the largest crypto asset by market cap refuses to initiate a deep corrective move.
“You just don’t get massive pullbacks when the market is bullish.
Shallow? Yes.
Deep? No.
The only times when you actually get deep pullbacks are when bulls are proven wrong, in which case you can buy, but just for a bounce, not for continuation.”
DonAlt predicts that Bitcoin will surge to as high as $90,000 before any meaningful pullback.
“I’m not saying there won’t be pullbacks, by the way. I could see $90,000 to $70,000, for example.
It’s just rare that you get an initial impulse like we had and then immediately show weakness.
I’m pretty sure at $90,000, the people upset in my comments would start switching bullish too.”
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