Bitcoin stalls below $95,000 as ETF selling builds

Bitcoin failed to sustain momentum above the $95,000 level as heavy selling pressure from exchange-traded funds weighed on prices, reinforcing concerns that institutional appetite has cooled after months of aggressive inflows. The world’s largest cryptocurrency slipped back after multiple attempts to break through the psychological resistance, with total spot bitcoin ETF outflows amounting to about $243 million over several trading sessions, according to market data compiled from fund disclosures.

The pullback followed a period of strong gains that had lifted bitcoin close to record territory, driven by optimism over monetary easing expectations and sustained demand from US-listed spot ETFs. Traders said the inability to hold above $95,000 signalled that near-term buying power was being tested, particularly as profit-taking emerged among funds and larger holders. Prices fluctuated in a narrow range after the rejection, reflecting uncertainty over whether the market can regain upward traction without fresh catalysts.

ETF flows have become a critical driver of price direction since spot products were approved in the United States. Large inflows earlier this year were widely credited with tightening supply and pushing bitcoin higher, while outflows tend to amplify downside moves by releasing inventory back into the market. Analysts tracking fund activity noted that selling was concentrated in a handful of the largest products, suggesting portfolio rebalancing rather than a wholesale exit from the asset class. Even so, the scale of withdrawals was enough to unsettle sentiment at a time when momentum indicators were already showing signs of fatigue.

Market participants pointed to broader macroeconomic factors adding to caution. Expectations around the timing and pace of interest rate cuts by major central banks have shifted repeatedly, prompting investors to reassess risk exposure across asset classes. Bitcoin has increasingly traded in tandem with technology equities during periods of macro stress, leaving it vulnerable to swings in bond yields and currency markets. The dollar’s firmness against major peers also reduced the appeal of alternative stores of value in the short term.

On-chain data painted a mixed picture. Holdings on exchanges remained near multi-year lows, indicating that long-term investors were not rushing to sell. At the same time, increased activity from short-term holders suggested heightened speculation around key price levels. Derivatives markets reflected the tension, with funding rates cooling after previously elevated readings, signalling that leveraged long positions were being trimmed following the rejection at resistance.

ETF issuers and asset managers have downplayed concerns about sporadic outflows, arguing that they are a normal feature of a maturing market. Several fund sponsors reiterated that overall assets under management remain far higher than at launch, underscoring continued institutional engagement. Industry executives also highlighted growing interest from pension funds, wealth managers and corporates exploring small allocations as part of diversified portfolios, even as tactical traders step back.

Regulatory developments continued to shape the backdrop. Policymakers in multiple jurisdictions have signalled a more structured approach to digital asset oversight, which supporters argue will ultimately support broader adoption. Critics counter that tighter rules could dampen speculative enthusiasm, at least in the near term. This tension has contributed to choppy trading conditions, with bitcoin oscillating around technical thresholds rather than establishing a clear trend.