Last week, there were significant withdrawals from Bitcoin and Ethereum, adding up to $226 million in total. Bitcoin was affected more severely, with $192 million leaving the market, while Ethereum had $34 million withdrawn for the sixth consecutive week. Notably, even short positions on Bitcoin saw a small amount of outflows, at roughly $0.3 million.
Despite the large-scale exit from various investment areas, there was a small ray of optimism as the attitude towards multi-asset investments showed some improvement. This led to an inflow of $9 million into diverse investment options. Additionally, defying the overall trend, altcoins such as Litecoin and Chainlink drew in $3.2 million and $1.7 million respectively.
Blockchain Equities and Regional Trends
For eleven weeks in a row, blockchain stock investments saw large-scale withdrawals, totaling $9 million. This prolonged trend of selling off is mainly driven by fears about how the mining industry will be affected by the upcoming halving event, leading to growing uncertainty among investors.
Significant sums of money, amounting to $244 million, were withdrawn from US ETFs, marking a stark contrast to the smaller inflows into newly created ETFs. Yet, there were positives as Canada and Switzerland recorded inflows of $30 million and $8 million respectively. Germany experienced moderate outflows of $8 million, suggesting varying investor attitudes towards different markets.
Spot Bitcoin ETF Activity & BTC Price Trajectory
Last week, Bitcoin ETFs experienced a net withdrawal of approximately $165 million, which corresponded to a decline in purchasing actions, most notably during the US tax season. Nevertheless, on Wednesday alone, nine different ETFs registered trading volumes close to $2.7 billion, demonstrating ongoing involvement and curiosity in the market.
The price of Bitcoin now hovers at around $65,900, marking a significant increase of 1.38% over the past day. This surge comes along with a substantial trading volume of approximately $20.7 billion. These figures underscore Bitcoin’s powerful influence in the cryptocurrency world, as it continues to hold a commanding market cap valuation of roughly $1.2 trillion.
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2024-04-22 13:45