Bitcoin (BTC) is showing weakness despite two consecutive days of Bitcoin spot ETF inflows reaching 1.4 billion won (approximately 139 billion won), raising concerns among investors. Although multiple Bitcoin ETFs listed on the US stock market attracted funds, the market did not interpret this as a positive signal.
After encountering strong selling resistance near $110,500 (approximately 153.8 million won) last Thursday local time, Bitcoin's price dropped to $107,400 (approximately 149.33 million won) on Friday. While this may not be a significant weekly change, the 2.8% decline despite having sufficient upward momentum reveals the market's psychological indicators.
Experts pointed to the movement of a large amount of funds from a Bitcoin wallet created in 2011 as the background for this price drop. The movement of billions of dollars from an old wallet was interpreted as a sell signal, spreading caution among investors. Although it remains unclear whether this wallet movement actually created selling pressure in the market, the psychological impact was significant.
Additionally, the US government's strengthened import tariff policy and expanded fiscal deficit have also contributed to dampening investment sentiment towards Bitcoin. The potential reignition of US-China trade conflicts and government spending expansion conflicting with the Federal Reserve's monetary easing stance are reducing the preference for risky assets.
While ETF inflows are certainly a positive trend, the market has recently been more sensitive to short-term technical factors and macroeconomic variables. It is expected that US fiscal policies and macroeconomic factors will have an even greater impact on Bitcoin's price movements in the near future.
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