Analyst: 'Black Thursday' selloff did not break Bitcoin's medium-term trend
- —Bitcoin ETF outflows topped $620 million in a day, the worst since June
- —BTC-denominated open interest barely fell and remains above levels from two days ago
- —Addresses holding over 1,000 BTC have grown for weeks, signaling whale accumulation
- —A sustained break below $81,000 risks triggering another long squeeze under $80,000
Why it matters: Price and open interest holding up through record ETF outflows points to deleveraging rather than a trend reversal; the next catalyst is the US midterm elections.
Source: The Cryptonomist (IT)
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