Important takeouts:
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Spot slowing bitcoin ETF flows indicate weak institutional demand and suggest bullish sentiment of cooling
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$108,000 is the Bears’ short-term target, with some BTC analysts projecting a decline of up to $90,000.
Bitcoin (BTC) sellers reappeared on Thursday. It reduced to $111,000, causing fear that further corrections to $90,000 could be on the horizon.
Bitcoin ETF demand weakens
Institutional investors are reducing their exposure to Spot Bitcoin Exchange-Traded Funds (ETFs) following recent weaknesses in BTC prices.
After a strong inflow at the beginning of September, the inflow into Bitcoin ETFs cooled down. Net inflows fell 54% to $931.4 million, down 54% from last week’s $2.03 billion, at $931.4 million, according to GlassNode’s latest weekly market impulse report.
Related: Four reasons why Bitcoin can’t copy the highest ever highs of gold and stocks
“While the overall accumulation remains intact, the slowdown suggests a pause in institutional demand,” the Onchain data provider said in an X post Wednesday.
This behavior stands out compared to early September when a stable price rise comes with a healthy ETF inflow.
If BTC/USD increased 10% to nearly $118,000 between September 2 and September 18, the net inflow exceeded $2.9 billion over eight days, per far side investors’ data. This included the largest daily net inflow in two months, exceeding $741.1 million.
Spot Taker CVD (Cumulative Volume Delta) indicator, which tracks cumulative differences between market purchases and sales over 90 days, has been selling dominantly by the acquirers since mid-August.
This means that retailers are selling BTC more consistently than they buy, increasing risk-off behavior.
BTC can see a deeper correction towards October if ETF flow is cold and Spottaker CVD maintains sales.
Bitcoin price to see “deep flash” at $90,000?
As demand slows, pessimism is based on the price strength of BTC.
“After yesterday’s strong day, there’s no $BTC strength,” MC Capital founder Michael Van De Poppe said in Thursday’s X-Post.
The accompanying chart showed that if Bitcoin loses its support zone between $112,000 and $110,000, it could fall towards a demand zone between $103,000 and $100,000.
“I think we’re going to get an even more downside. And we’re done in the current period. So we’re going to be in UP only mode.”
Meanwhile, fellow analyst AlphaBTC shared an hourly candle chart showing trading of BTC/USD pairs on a downward parallel channel.
If the $112,000 support is not retained, Bitcoin could fall towards about $108,000 towards the channel’s lower limit. Because it’s lower than that, prices can look at “deep flash” towards the $105,000-100,000 range.
Additionally, BTC prices fell from a quantile cost base of 0.95 at $115,300, indicating potential risk, according to GlassNode. Cost-based quantiles serve as key metrics for measuring Bitcoin’s market risk levels and potential price action zones.
“Recovering it will show new strength, but otherwise it will endanger a drift between $105,000 and $90,000 in low support.”
#bitcoin A quantile on a 0.95 cost-based was slid downwards. This is a key risk band that often marks the profitable zone.
Reclaiming it shows updated strength, but otherwise it risks drifting to low support from around $105,000 to $90,000.
– GlassNode (@GlassNode) September 24, 2025
As reported by Cointelegraph, Bitcoin’s double-top pattern is targeting nearly $90,000 if it doesn’t retain support for $107,000.
This article does not include investment advice or recommendations. All investment and trading movements include risk and readers must do their own research when making decisions.