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    Tuesday, May 19
    Cryptocurrency

    Bitcoin Resisted at $94 with ETF Outflow, Profit-taking

    Olu AnisereBy Updated:No Comments2 Mins Read
    Bitcoin Resisted at $94 with ETF Outflow, Profit-taking

    Bitcoin Resisted at $94 with ETF Outflow, Profit-taking

    Bitcoin (BTCUSD) price upswing has been resisted at the $94k level in the cryptocurrency market on Wednesday; the digital asset market value has spiralled down by about 2% in the last 24 hours.

    Trading volume was boosted by about 24% on the day to $56.18 billion, according to data from the cryptocurrency exchanges on Wednesday with moderated market dominance.

    Bitcoin fell 1.75% in the past 24h to $92,100, underperforming the broader crypto market. BTC faced rejection at $94,000 resistance; analysts flagged $91,200 as critical support.

    Cryptocurrency market analysts highlighted that the dip follows a 3.55% weekly gain and aligns with technical resistance and institutional profit-taking.

    The world’s most expensive digital assets plunge reflects a confluence of institutional caution with huge ETF outflows, tactical rotations as whales took profit, and technical friction at resistance.

    U.S. spot Bitcoin ETFs recorded $243 million in net outflows on Jan 6, reversing a record inflow streak. Fidelity’s FBTC led redemptions totalling $312 million, while only BlackRock’s IBIT saw inflows amounting to $229 million.

    This shift signals fading institutional momentum after 2026’s explosive start, crypto analysts said. ETFs had driven recent gains, so outflows directly pressured BTC’s price by reducing buy-side liquidity and amplifying bearish sentiment.

    A prominent Hyperliquid whale closed an $87.5K-profit BTC long and opened a 25x leveraged ETH position while maintaining a PEPE long.

    This rotation exemplifies capital shifting from BTC to altcoins after its weekly gain. High-leverage moves by large players often trigger cascading liquidations—$428 million in market-wide liquidations occurred concurrently.

    Institutional accumulation during dips suggests confidence in Bitcoin’s store-of-value thesis. Regulatory easing for banking integration could accelerate Bitcoin’s use in traditional finance, though short-term volatility persists. ETH, XRP, TRX Boost Crypto Market Cap to $3.06 Trillion

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    Olu Anisere is a financial and economic journalist at MarketForces Africa, specialising in African macroeconomic policy, international finance, energy markets, and continental development.He covers major multilateral institutions, including the International Monetary Fund (IMF), World Bank, and the United Nations Economic Commission for Africa (ECA), providing readers with frontline reporting on policies shaping Africa's economic trajectory.Olu has reported extensively on Nigeria's fiscal and monetary policy landscape, including CBN interest rate decisions, Nigeria's bond market, FX inflows, and the country's engagement with global financial institutions.His coverage spans IMF and World Bank Spring and Annual Meetings, African Ministers of Finance conferences, and high-level economic forums where Africa's development agenda is set.His reporting captures perspectives from Africa's most influential economic voices, including Tony Elumelu, senior IMF officials, and CBN leadership, bringing institutional insight and policy depth to MarketForces Africa's readers.Olu also covers Inside Africa — tracking economic, investment, and development stories from across the continent. Olu Anisere is based in Lagos, Nigeria.

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