Key takeaways:
The decline in spot Bitcoin ETF flows indicates weak institutional demand, suggesting a cooling bullish sentiment.
Bears are targeting $108,000 in the short term, with some analysts forecasting a drop to $90,000.
Sellers of Bitcoin (BTC) reemerged on Thursday as the price fell to $111,000, raising concerns that a further decline toward $90,000 may be imminent.
Bitcoin ETF demand weakens
Institutional interest in spot Bitcoin exchange-traded funds (ETFs) is diminishing in light of recent BTC price declines.
After strong inflows at the beginning of September, Bitcoin ETF inflows have slowed, with net inflows dropping 54% to $931.4 million last week from $2.03 billion the previous week, according to Glassnode’s latest Weekly Market Impulse report.
Related: 4 reasons Bitcoin is failing to replicate gold and stock all-time highs
“While overall accumulation remains intact, the slowdown indicates a halt in institutional interest,” the on-chain data provider noted in an X post on Wednesday.
This trend contrasts sharply with early September, when sustained price increases were accompanied by healthy ETF inflows.
Between September 2 and September 18, as the BTC/USD rose by 10% to nearly $118,000, net inflows exceeded $2.9 billion over eight trading days, showing the largest daily net inflow in two months of over $741.1 million, according to data from Farside Investors.
The Cumulative Volume Delta (CVD) indicator, which tracks the overall difference between market buys and sells over 90 days, has consistently shown a sell dominance since mid-August.
This indicates that retail traders are selling BTC more than they are buying, reinforcing a risk-off sentiment.
If ETF flows remain lackluster and the spot CVD stays sell-dominant, BTC could experience a more significant correction as October approaches.
Is Bitcoin poised for a “deeper flush” to $90,000?
With demand on the decline, pessimism is growing regarding BTC price strength.
“There’s not much strength in $BTC after a solid day yesterday,” said MC Capital founder Michael van de Poppe in an X post on Thursday.
A supporting chart indicated that if Bitcoin drops below the $112,000-$110,000 support zone, it could fall toward the $103,000-$100,000 demand zone, a favorable “area to start looking for buys.”
“I would expect more downside, followed by a transition to an up-only phase.”
In addition, analyst AlphaBTC shared an hourly chart showing the BTC/USD trading within a descending parallel channel.
Should support at $112,000 fail, Bitcoin might slide toward the channel’s lower boundary around $108,000. Below that, a “deeper flush” could occur, potentially reaching the $105,000-$100,000 range.
Moreover, BTC has dropped below the 0.95 quantile cost basis at $115,300, indicating potential risk according to Glassnode. The Cost Basis Quantile is a crucial metric for assessing market risk and potential price action levels for Bitcoin.
“Reclaiming this level would suggest renewed strength, but failing to do so increases the risk of drifting toward lower supports around $105K–$90K.”
#Bitcoin has fallen below the 0.95 Cost Basis Quantile, a key risk area that often signifies profit-taking zones.
Re-establishing this level would indicate renewed strength, but failing to do so may lead to a drop toward lower supports around $105k–$90k.
🔗https://t.co/w34og1mnGa pic.twitter.com/1dToAxcaRA
— glassnode (@glassnode) September 24, 2025
As Cointelegraph mentioned, Bitcoin’s double top pattern also hints at a target near $90,000 if the support at $107,000 fails to hold.
This article does not offer investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before proceeding.
