According to SoSoValue data, as of the time of writing, the total net asset value of Bitcoin spot ETFs is $72.545 billion, with an ETF net asset ratio (market value compared to Bitcoin's total market value) reaching 5.07%, marking the first time in history it has exceeded 5%. Additionally, it is noteworthy that yesterday (Eastern Time, October 29), the total net inflow into Bitcoin spot ETFs was $870 million, the third highest single-day net inflow in history. The second highest net inflow was $1.05 billion on March 12, and the third highest was $887 million on June 4.
In the last 13 trading days, the U.S. BTC spot ETFs have seen a net inflow of $4.73 billion. The ETFs have averaged daily purchases of $363 million in BTC. Driven by the $4.73 billion incremental funds from the ETFs, the BTC price rose from $60,500 to a peak of $73,600. In the same period, the inflow of funds into ETH spot ETFs was only $60.87 million, just 1.28% of BTC.
Chu Yuechen: Bitcoin and ETH Market Analysis and Trading Reference on October 31
From the interpretation of the news, the significant inflow of funds into the U.S. BTC spot ETFs has pushed the price up to near historical highs. Two days ago, from the peak around $73,600, there has been a pullback, with yesterday's low around $71,400, roughly a pullback of about 2,000 points. The market has basically been oscillating within this range for the past two days.
From a technical perspective, this kind of rise and fall, along with sideways oscillation, presents two possibilities: the oscillation could build momentum for another rise, or the bulls below may be preparing to take profits at high levels, leading to a trend change and a downward movement. The above statement is somewhat redundant; it’s either going up or down, so it’s trivial. However, it’s still worth mentioning for clarification.
I believe that before the results of the U.S. elections on November 5, the market will likely remain in a state of oscillation, and attention will be focused on this event. We will wait and see. Additionally, it is important to avoid making trades that everyone can see, such as buying on the expectation of a price increase due to a certain event; that could lead to misfortune, as the market tends to buy on expectations and sell on facts. All profitable strategies are based on your predictions; if the information is obvious to everyone, it’s best not to act on it.
Returning to the market, for intraday operations, refer to the range of $71,000—$73,000 for high shorts and low longs, with a stop loss of 1,000 points and a take profit of 2,000 points.
For ETH, refer to the range of $2,600—$2,700 for high shorts and low longs, with a stop loss of 50 points and a take profit of 100 points.
Alright, for current price orders, feel free to message privately, or you can place your own orders.
Specific Operation Suggestions (based on actual market price orders)
For Bitcoin, refer to the range of $71,000—$73,000 for high shorts and low longs, with a stop loss of 1,000 points and a take profit of 2,000 points.
For ETH, refer to the range of $2,600—$2,700 for high shorts and low longs, with a stop loss of 50 points and a take profit of 100 points.
Market conditions change in real-time, and there may be delays in article publication. The strategy points are for reference only and should not be used as the basis for entry. Investment carries risks, and profits and losses are your own responsibility. Daily real-time market analysis, along with experience exchange groups and practical trading groups, welcome to get real-time guidance. Irregular evening live broadcasts explaining real-time market conditions.
For more real-time market analysis, please follow the public account: Chu Yuechen
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