The Largest Weekly Outflows of Bitcoin Funds since June 2021
Institutional investors shed US $133 million worth of Bitcoin (BTC) investment products last week, marking the largest week of Bitcoin outflows since June last year. This move is believed to be the result of the recent hawkish state of the US Federal Reserve (FED), indicating market sentiment ahead of tomorrow’s FOMC meeting.
CoinShares’ weekly Digital Asset Fund Flows report digital asset investment products saw outflows totaling US $120 million, bringing total outflows in this 4-week run to US $339 million. Bitcoin saw the majority of outflows in what was the largest single week of outflows since June 2021.
FTX Token (FTT), the utility token for the fast-growing FTX crypto exchange, bucked the negative trend with inflows totaling US $38 million last week, the largest of all crypto assets.
In June of last year, BTC saw a sharp drop in price as a result of the company of technology billionaire Elon Musk halting BTC payments for its cars due to concerns about environmental protection, mining levels excessive fuel extraction and China’s ban on digital assets.
There seems to be no indicator that can determine the cause of the decline in the price of the crypto market last month, so all attention will be on the FED’s tightening policy in May to find the answer reply.
The decline in BTC price is similar to most other asset classes and also US stock indexes such as Dow Jones Industrial Average, and S&P 500. At the moment, BTC is trading above US $38,000. This can be seen as an expression of concern about the Federal Reserve’s upcoming policy.
However, with total digital assets in April at the US $326.1 million, are investors ready to accept their investment in the volatile electronic convenience market, or is the policy of the FED also not affecting this market much? Is it even a bullish catalyst for the upcoming BTC?
Although the drop is not the same as it was earlier this year, the BTC market is still suffering from a sell-off in the market. Even Ethereum (ETH) saw outflows totaling US $25 million last week, out of the 17 weeks this year, only 5 have seen outflows. Year-to-date outflows now sit at $194 million, according to CoinShares. FTT had inflows totaling $38 million last week, but in the last month, the token has also dropped more than 24% in value.
With a risk aversion still predominating, BTC may find it difficult to grow strongly in the near future, although some options traders have hedged against further price declines.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
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Harold
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Bitcoin
The Largest Weekly Outflows of Bitcoin Funds since June 2021
Institutional investors shed US $133 million worth of Bitcoin (BTC) investment products last week, marking the largest week of Bitcoin outflows since June last year. This move is believed to be the result of the recent hawkish state of the US Federal Reserve (FED), indicating market sentiment ahead of tomorrow’s FOMC meeting.
CoinShares’ weekly Digital Asset Fund Flows report digital asset investment products saw outflows totaling US $120 million, bringing total outflows in this 4-week run to US $339 million. Bitcoin saw the majority of outflows in what was the largest single week of outflows since June 2021.
FTX Token (FTT), the utility token for the fast-growing FTX crypto exchange, bucked the negative trend with inflows totaling US $38 million last week, the largest of all crypto assets.
In June of last year, BTC saw a sharp drop in price as a result of the company of technology billionaire Elon Musk halting BTC payments for its cars due to concerns about environmental protection, mining levels excessive fuel extraction and China’s ban on digital assets.
There seems to be no indicator that can determine the cause of the decline in the price of the crypto market last month, so all attention will be on the FED’s tightening policy in May to find the answer reply.
The decline in BTC price is similar to most other asset classes and also US stock indexes such as Dow Jones Industrial Average, and S&P 500. At the moment, BTC is trading above US $38,000. This can be seen as an expression of concern about the Federal Reserve’s upcoming policy.
However, with total digital assets in April at the US $326.1 million, are investors ready to accept their investment in the volatile electronic convenience market, or is the policy of the FED also not affecting this market much? Is it even a bullish catalyst for the upcoming BTC?
Although the drop is not the same as it was earlier this year, the BTC market is still suffering from a sell-off in the market. Even Ethereum (ETH) saw outflows totaling US $25 million last week, out of the 17 weeks this year, only 5 have seen outflows. Year-to-date outflows now sit at $194 million, according to CoinShares. FTT had inflows totaling $38 million last week, but in the last month, the token has also dropped more than 24% in value.
With a risk aversion still predominating, BTC may find it difficult to grow strongly in the near future, although some options traders have hedged against further price declines.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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