Crypto investment products have witnessed a second consecutive week of crypto outflows totaling $206 million, as reported by CoinShares. This decline coincides with a slight decrease in trading volumes of Exchange-Traded Products (ETPs), now sefyll at $18 billion. Interestingly, these figures represent only 28% of total Bitcoin trading volumes, contrasting sharply with the 55% recorded just a month earlier.
Analysts attribute this waning interest among ETP and Exchange-Traded Fund (ETF) investors to the Federal Cronfeydd wrth gefn indication of maintaining current high-interest rates for an extended period.
US Records Notable Crypto Outflows: $244 Million Trickle Out of Bitcoin ETFs
In the United States, sentiment remains predominantly negative, with ETFs experiencing outflows of $ 244 miliwn. Established ETFs have cael ei daro hardest, while newly issued ETFs continue to attract capital, albeit at a slower pace compared to previous weeks. In contrast, Canada and Switzerland have seen inflows of $30 million and $8 million, respectively. Germany, however, reported minor outflows totaling $8 million.
Bitcoin, y cryptocurrency blaenllaw, hefyd wedi gweld outflows, sy'n dod i gyfanswm o $ 192 miliwn. Surprisingly, this has not led to a significant increase in short-Bitcoin positions, with only a $0.3 million outflow from such positions. Ethereum, on the other hand, has continued its six-week streak of outflows, totaling $34 million.
There has been renewed interest in the altcoin sector, with inflows of $9 million last week. Litecoin ac chainlink have seen particularly significant inflows, with $3.2 million and $1.7 million, respectively.
Blockchain equities have faced pressure as well, marking their 11th consecutive week of outflows totaling $9 million. Concerns regarding the impact of the upcoming halving event on mining companies have contributed to investor apprehension.
Standard Chartered Maintains $150,000 Bitcoin Price Rhagolwg
Despite these challenges, Geoff Kendrick, head of digital assets research at Standard Chartered, remains optimistic about Bitcoin's prospects. He reaffirms the banciau ambitious price target of $150,000 for Bitcoin by year-end, citing the influx of capital into U.S. Bitcoin ETFs as a allweddol ffactor.
U.S. Bitcoin ETFs have attracted approximately $12 billion in net inflows since their inception in early 2024. Speaking to BNN Bloomberg, Kendrick said:
“The ETF inflows in the U.S. have really dominated the demand-supply metrics so far in 2024. This is significant in terms of the ETFs’ performance to date.”
This report highlights the intricate relationship between investor sentiment, regulatory expectations, and market dynamics in the ever-evolving landscape of cryptocurrency investments.
Wrth fasnachu'r farchnad crypto, nid oes rhaid iddo fod “taro neu fethu.” Diogelwch eich portffolio gyda masnachau sydd mewn gwirionedd yn cynhyrchu canlyniadau, yn union fel ein premiwm signalau crypto ar Telegram.
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