Ethereum

Bitcoin ETF

Bitcoin

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<p>As per the latest Coinshares report, cryptocurrency investment products registered three consecutive weeks of outflows last week, totaling $435 million. This makes it one of the last weekly outflows since March last month. Strong outflows from US <a href="https://coingape.com/bitcoin-etf-record-biggest-weekly-outflows-of-328m-whats-next/" target="_blank" rel="noopener">spot Bitcoin ETFs</a> were the major contributor to this.</p> 
<h3 id="bitcoin-etf-inflows-drying-up-considerably">Bitcoin ETF Inflows Drying Up Considerably</h3> 
<p>Last week, the Bitcoin price faced significant selling pressure correcting over 6%. At the same time, trading volumes for crypto ETPs fell to US$11.8bn in comparison to US$18bn in the week before.</p> 
<p>Outflows were predominantly directed towards Bitcoin and Ethereum, amounting to US$423 million and US$38 million, respectively. The bulk of these outflows stemmed from Grayscale, totaling US$440 million, marking the lowest figure in nine weeks.</p> 
<p>As Grayscale’s outflows gradually decline, there has been a simultaneous slowdown in inflows from new issuers, which amounted to just US$126 million last week compared to US$254 million the week prior. The total outflows from <a href="https://coingape.com/multiple-bitcoin-etfs-report-net-outflows-grayscale-gbtc/" target="_blank" rel="noopener">GBTC</a> ever since its conversion to Bitcoin ETF have crossed over $17 billion.</p> 
<p>In terms of regional trends, the United States experienced the largest outflows, totaling US$388 million. Meanwhile, Germany and Canada also faced negative sentiment, witnessing outflows of US$16 million and US$32 million, respectively. However, Switzerland and Brazil defied this trend, with inflows amounting to US$5 million and US$4 million, respectively.</p> 
<p>On the other hand, a diverse array of altcoins experienced inflows, investors favored multi-coin investment products, resulting in US$7 million in inflows. Additionally, perennial favorites such as Solana, Litecoin, and Chainlink maintained their momentum, with inflows of US$4 million, US$3 million, and US$2.8 million, respectively, <a rel="nofollow" href="https://blog.coinshares.com/volume-180-digital-asset-fund-flows-weekly-report-998dde70036b" target="_blank">reports</a> CoinShares.</p> 
<h3 id="btc-price-rejected-at-crucial-resistance">BTC Price Rejected At Crucial Resistance</h3> 
<p>According to Rekt Capital, the latest Weekly Close has solidified the $65,600 level as a new resistance zone for Bitcoin. The cryptocurrency appears to be trading within the range of $59,000-$65,000.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a></p> 
 <p>The new Weekly Close has confirmed the $65600 level as new resistance</p> 
 <p>Bitcoin has now firmly confirmed itself to be between two key levels: this $65600 resistance and the pool of liquidity below (green)<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/hashtag/BitcoinHalving?src=hash&amp;ref_src=twsrc%5Etfw">#BitcoinHalving</a> <a href="https://t.co/Aosq9WLzVI">https://t.co/Aosq9WLzVI</a> <a href="https://t.co/ue0kMZTqCE">pic.twitter.com/ue0kMZTqCE</a></p> 
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1784895600334409978?ref_src=twsrc%5Etfw">April 29, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to crypto analyst Michael van de Poppe, Bitcoin remains range-bound, indicating a potential for further downside movement. He suggests that the upcoming <a href="https://coingape.com/author/bhushan/" target="_blank" rel="noopener">FOMC meeting</a> on Wednesday could be influencing market sentiment, leading to a correction before the event. However, there might be a rebound afterward, fueled by hopes of potential rate cuts.</p> 
<p>The post <a href="https://coingape.com/bitcoin-and-ethereum-lead-three-weeks-of-crypto-investment-outflows-whats-next/">Bitcoin and Ethereum Lead Three Weeks of Crypto Investment Outflows, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin and Ethereum Lead Three Weeks of Crypto Investment Outflows, What’s Next?

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