ETF Frenzy Fails to Halt Selling Pressure on Bitcoin Market

The Bitcoin market saw significant activity this week, with U.S. spot ETFs recording their largest weekly net inflow in nearly a year at $2.7 billion.

This drove up the price of Bitcoin by 4% for the week and reached as high as $87,000 on Wednesday, but ultimately retraced to around $84,000 due to profit-taking pressure.

Perpetual contracts saw net selling by market makers, and with 74% of on-chain supply now in profit, investors intensified their efforts to lock in profits, pushing prices back to the lower end of their trading range.