ETF investors are pulling out of $ETH.

US spot ETH ETFs have now seen 23 straight sessions of outflows, the longest streak since the funds launched.

This signals weak demand from traditional investors who bought heavily in August and September.

Missed our livestream with @Bybit_Learn?

Will the US Midterms rock markets? Catch the replay:

X: https://x.com/i/broadcasts/2ybVXKJKMVJyZq

YouTube: https://glassno.de/4eeUS77

$BTC sellers have been taking losses below $80k.

Last week brought the longest run of daily net realized losses since mid-August.

The August and September loss clusters both formed at the local lows. A hold above $75k would fit that pattern.

Bitcoin is retesting its August breakout levels.

Holding above these levels keeps the August uptrend in place.

Our latest Week on Chain report contains ten more analyses, including liquidation maps, options into year-end, midterms data and much more.

$BTC traders are still here after the retrace.

Before the spike in August, volume had sunk to its lowest since 2023.

Despite BTC pulling back over the last weeks, volume has stayed above this August level.

This indicates sustained interest in crypto after months of apathy.

Short-term holders are back underwater.

Yesterday's drop pushed about 60% of the $BTC held by recent buyers below its cost basis. A day earlier, they were back in profit.

For now, that lowers the risk of recent buyers cashing out into strength.

Leverage grew through the $BTC selloff.

Open interest climbed by about $1B during the US session drop, and by almost $500M more into today's US session.

Funding cooled slightly but is now ramping up again. Longs look to be stepping back in.

$BTC has rarely tracked equities this closely.

Over the last 30 US sessions, the correlation with the S&P 500 reached 0.80. Since 2020 it has spent most of its time far below that.

Despite the talk of bitcoin's relative strength, macro sets the direction for now.