The latest CoinShares report reveals that institutional investors have reduced their holdings of Bitcoin by $110 million, leading to a net outflow from crypto assets. Additionally, the number of investment tools used in crypto has decreased, causing the total value of tokens in the market to drop to $126 million over the past week.
Although the market size has remained constant, there’s been a shift in investor preferences, as indicated by a decrease in ETP/ETF trading volumes from 40% to 31%. Surprisingly, during the month leading up to a market downturn, investors poured $520 million into crypto funds. Nearly all of this investment ($520 million) was allocated to Bitcoin.
The estimated trading amount for investment goods each week is approximately $21 billion. The primary reason behind Bitcoin’s recent price decrease was sellers responding to apprehension in the ETF market, geopolitical turmoil, and Federal Reserve rate decisions.
Despite the unpredictable swings in Bitcoin’s price, which dipped below $65,000 with recently announced spot Bitcoin ETFs in Hong Kong, these ETFs have received approval. As anticipated, 30-day funding rates are elevated. Furthermore, significant resistance levels at all-time highs have been identified. At the moment, it seems that a price decrease is imminent.
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2024-04-16 00:52