Bitcoin is in danger of breaking a crucial support level due to ongoing outflows from US-based spot Bitcoin ETFs. Between Oct. 13 and Oct. 17, ETFs saw $1.23 billion in net outflows. The lack of institutional accumulation in the $107,000 to $108,000 range is concerning, with Bitcoin down 3.36% over the past 30 days.

Despite outflows on two of three trading days this week, Bitcoin has seen overall net positive flows of $335.4 million. Trading at $108,864, Bitcoin briefly surged above $113,000 before dropping back below $110,000. Analysts warn of a potential prolonged consolidation period if Bitcoin’s price continues to decline without strong ETF inflows.

Market participants believe Bitcoin will see an upswing before the end of the year, with some predicting a price of $250,000. However, Galaxy Digital CEO Mike Novogratz expressed skepticism, stating that multiple unlikely events would need to occur for this prediction to come true. In a worst-case scenario, Bitcoin is expected to stay above $100,000 this year.

Read more at Cointelegraph: Bitcoin ETF Demand Drop Puts BTC Crucial Level At Risk