Bitcoin (BTC)'s price fell below $58,000 on Monday morning as institutional investors seemed to pause their buying spree.
Bitcoin (BTC)'s price fell below $58,000 on Monday morning as institutional investors seemed to pause their buying spree. The broader cryptocurrency market also saw a downturn. Ethereum (ETH) fell 4.6% to $2,570, Solana (SOL) dropped 8% to $145, BNB (BNB) declined 5.5%, and Toncoin (TON) slid about 6%.
Despite this, CoinShares data indicates that investors are viewing the dip as a buying opportunity. CoinShares reported $176 million in inflows into digital asset products, as investors took advantage of the price drop. The total assets under management (AUM) for these products rose to $85 billion, recovering from a previous $20 billion loss, mainly due to price rebounds rather than new capital.
Ethereum emerged as a key beneficiary, attracting $155 million in inflows last week, driven by the launch of US spot-based ETFs. Year-to-date inflows for Ethereum have reached $862 million, the highest since 2021.
Bitcoin initially faced outflows but ended the week with a net inflow of $13 million. Meanwhile, short Bitcoin ETPs experienced their largest weekly outflow since May 2023, with $16 million withdrawn.
The outlook for Bitcoin remains uncertain. 10x Research suggests it's unlikely Bitcoin will reach new all-time highs soon, with risks leaning more to the downside. CEO Markus Thielen noted a potential shift in Bitcoin's trading range to between $50,000 and $60,000 due to drying up ETF buying.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
