Bittime -Bitcoin and Ethereum experienced significant crypto investment outflows for the third week in a row. This is an indication of negative sentiment in the crypto market , impacting trading volumes and investment inflows.
Crypto Investment Outflow
According to the latest Coinshares report, crypto investment products experienced huge outflows totaling $435 million over the last week. This was one of the largest weekly outflows since March and was caused by strong outflows from US spot Bitcoin ETFs.
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The largest outflows came from Bitcoin and Ethereum, with outflows of $423 million and $38 million respectively. Grayscale contributed significantly to these outflows with a total outflow of $440 million, which was the lowest in the last nine weeks.
Additionally, there was a slowdown in inflows from new issuers, which amounted to only $126 million compared to $254 million the previous week. Total outflows from GBTC since its conversion to a Bitcoin ETF have exceeded $17 billion.
Also Read How to Buy Crypto:
Regional Trends and Altcoins
In the United States, the largest outflow was recorded at $388 million. Germany and Canada also experienced outflows of $16 million and $32 million respectively. However, the trend was different in Switzerland and Brazil, with inflows of $5 million and $4 million respectively.
While Bitcoin and Ethereum experienced outflows, other altcoins such as Solana, Litecoin, and Chainlink experienced positive inflows of $4 million, $3 million, and $2.8 million respectively.
Also read: What is Bitcoin?
Bitcoin Price Rejection
The latest weekly close showed that Bitcoin faced rejection at the $65,600 level, making it a new resistance zone for the cryptocurrency. Crypto analyst Michael van de Poppe suggested that Bitcoin may undergo a correction before the upcoming FOMC meeting on Wednesday. However, there is potential for a recovery after the event, especially if there is a cut in interest rates.
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Bitcoin and Ethereum price movements in recent weeks indicate negative market sentiment. Large outflows from Bitcoin ETFs and Ethereum investment products signal a market slowdown. However, other altcoins are showing positive signs, and a potential FOMC meeting could influence market sentiment in the near term.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Bitcoin Last 30 Days: Bitcoin Halving Impact
The Story of Ethereum: How Ethereum Became Popular
Bitcoin Trading Strategies: How to Make Money from Bitcoin
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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