Opinion: The current rebound of Bitcoin should be approached with caution; $57,000 can be expected to see a long-term demand recovery.

On February 3, according to analyst @alicharts who posted yesterday, crypto ETF capital flows have been continuously negative since January 19. During the week of January 19, approximately 17,400 Bitcoins were sold through ETFs. The following week, another 9,540 Bitcoins were sold. This indicates that after the price fell below the ETF cost basis, capital has been flowing out for two consecutive weeks. Based on this, the analyst suggests that recent rebounds should be approached with caution. Without new capital inflows, the upward trend may just be a correction rather than a trend reversal. If selling pressure continues to increase, the next important level to watch is the 200-week moving average, currently near $57,000. Historically, this level has played a key macro support during long-term corrections and may also be a potential point for a strong long-term demand recovery. BlockBeats notes that as of the time of writing, the first trading day of the week for US crypto ETFs shows net inflows, with no signs of market panic selling by ETF investors.