Important Points to Consider:
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Reduced activity in Bitcoin ETF trading suggests that big investors are less enthusiastic, potentially indicating a decline in positive market sentiment.
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Analysts are pointing to $108,000 as a potential short-term low, with some even suggesting Bitcoin could fall as far as $90,000.
Bitcoin (BTC) faced renewed selling pressure Thursday, with the price dipping to $111,000, heightening concerns about a possible deeper price correction towards the $90,000 level.
Bitcoin ETF Interest Slows Down
Following recent price struggles, institutional investors appear to be trimming their holdings in spot Bitcoin exchange-traded funds (ETFs).
After a strong start to September, the flow of investment into Bitcoin ETFs has decreased. Glassnode’s recent Weekly Market Impulse report indicates that net inflows dropped by 54% last week, falling to $931.4 million from the previous week’s $2.03 billion.
Worth Reading: Why Bitcoin is Struggling to Keep Pace with Gold and Stock Market Highs
“While overall buying activity is still present, the slower pace points to a potential pause in institutional buying pressure,” the on-chain analytics firm stated in a Wednesday post on X.
This contrasts with the beginning of September, when rising prices were accompanied by robust ETF inflows.
Between September 2nd and 18th, when the BTC/USD pair climbed roughly 10% to nearly $118,000, net inflows soared past $2.9 billion over eight trading days, according to data provided by Farside Investors. This included a peak daily inflow of over $741.1 million, marking a two-month high.
The spot taker CVD (Cumulative Volume Delta) indicator, which reflects the net difference between buying and selling activity over the past 90 days, has shown a consistent trend of selling dominance since mid-August.
This indicates that retail traders have been selling off BTC more aggressively than they are buying, contributing to a risk-averse market environment.
If ETF inflows remain weak and the spot taker CVD continues to favor selling, Bitcoin could face a larger correction as it heads into October.
Is a Deeper Bitcoin Price Drop to $90,000 Looming?
The diminishing demand is fueling growing skepticism about Bitcoin’s potential to maintain its price strength.
Michael van de Poppe, founder of MC Capital, stated in a Thursday X post, “Bitcoin isn’t showing much resilience after a strong day yesterday.”
He included a chart suggesting that if Bitcoin breaks below the $112,000 – $110,000 support level, it might fall towards the $103,000 – $100,000 demand zone, which he believes presents a favorable buying opportunity.
“My expectation is that we’ll see further downside before this current cycle is complete, paving the way for a sustained upward trend.”
Another analyst, AlphaBTC, shared an hourly chart showcasing the BTC/USD trading within a descending parallel channel.
If the $112,000 support level fails to hold, Bitcoin could slide towards the channel’s lower boundary around $108,000. A further break could lead to a “deeper flush” down to the $105,000-$100,000 area.
Furthermore, Glassnode reports that the Bitcoin price has fallen below the 0.95 quantile cost basis at $115,300, which is a potentially concerning signal. The Cost Basis Quantile is used to evaluate market risk and identify possible price zones for Bitcoin.
“A recovery above this level would indicate renewed bullish momentum, while a failure to reclaim it could lead to a slide toward lower support levels in the $105K – $90K range.”
#Bitcoin has slipped below the 0.95 Cost Basis Quantile, a key risk band that often marks profit-taking zones.
Reclaiming it would signal renewed strength, but failure to do so risks a drift toward lower supports around $105k–$90k.
🔗https://t.co/w34og1mnGa pic.twitter.com/1dToAxcaRA
— glassnode (@glassnode) September 24, 2025
As Cointelegraph previously reported, Bitcoin’s double top chart pattern also suggests a target near $90,000 if support at $107,000 is broken.
This article should not be considered investment advice. Investing and trading involve significant risk, and it’s crucial for readers to conduct thorough research before making any decisions.
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