Ethereum

Bitcoin

Impact

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Increased outflows from Bitcoin and Ethereum due to negative market sentiment.</li> 
 <li>Potential distribution of assets by defunct exchange Mt.Gox could cause further decline in cryptocurrency values.</li> 
</ul>  
<p>Crypto investment products experienced significant inflows for the second week in a row, as per a recent report from CoinShares. </p> 
<p>Last week, outflows were valued at $584 million, bringing the total outflows over two weeks to $1.2 billion. </p> 
<h2 id="bitcoin-and-ethereum-outflows">Bitcoin and Ethereum Outflows</h2> 
<p>The highest outflows were from <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a>, amounting to $630 million. This was attributed to a pessimistic outlook among investors and anticipated interest rate cuts. </p> 
<p><a href="https://coineagle.com/price/ethereum/">Ethereum (ETH)</a> followed with an outflow of $58.30 million. This was unexpected as the broader market anticipated the Ethereum spot ETFs to start trading in July, which should have induced optimism. </p> 
<p>The trading volume of Exchange Traded Products (ETPs) also declined to $6.9 billion, the lowest since the 10th of January ETF approval. </p> 
<p>At the time of reporting, Bitcoin was priced at $60,028 and Ethereum was trading at $3,349. </p> 
<h2 id="potential-impact-of-mt-gox-distribution">Potential Impact of Mt.Gox Distribution</h2> 
<p>The initial drop in prices may be connected to the announcement that Mt.Gox intends to repay creditors with $9 billion worth of BTC starting from July. </p> 
<p>Mt.Gox, a Bitcoin exchange that went bankrupt in 2014 following a hack, could cause a market collapse if the distribution begins and recipients decide to sell off their coins. </p> 
<p>This could potentially cause Bitcoin to drop to $54,000. However, the anticipated commencement of Ethereum ETFs live trading could protect it from further correction. </p> 
<p>If Ethereum manages to resist another price drop, it could trigger an altcoin season. </p> 
<p>Meanwhile, Bitcoin’s volume was nearing its monthly high at $42.86 billion. The high volume indicates more selling than buying, given the decline in Bitcoin’s value. </p> 
<h2 id="ethereum-s-market-cap-in-btc-terms">Ethereum’s Market Cap in BTC Terms</h2> 
<p>At the time of writing, Ethereum’s on-chain volume was $22.76 billion. If the bullish investors manage to defend Bitcoin, its price might rebound to $63,000. </p> 
<p>For Ethereum, the value could revisit $3,500. However, if selling pressure increases, the prices could hit new quarterly-lows. </p>

Crypto Exodus: Over $500M in Bitcoin and Ethereum Pulled Out

Table of Contents

CoinEagle.com

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