Bitcoin Demand Weakens as Uptober Ends

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BTC price was recovering losses from Friday’s Wall Street trading session.

This began with sell pressure — a frequent phenomenon throughout the week — involving both US exchanges and the spot Bitcoin exchange-traded funds (ETFs).

Onchain analytics platform Glassnode said that ETF outflows highlight “rising sell pressure from TradFi investors and renewed weakness in institutional demand.”

Data from UK-based investment company Farside Investors put Friday’s tally at $191 million, which followed $488 million in outflows for Thursday.

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