Bitcoin Institutional Outflows Near One-Year Highs, More Downside Coming?
2022年5月5日 - 08:00AM
NEWSBTC
With the price of bitcoin still trading below $40,000,
institutional inflows into the digital asset have slowed
significantly. This has now flowed into other digital assets in the
space. But what is most significant is the outflow rate which has
neared one-year lows. Bitcoin Outflows Grows For the past couple of
weeks, the rate at which institutional investors have been pulling
money out of bitcoin has been on an accelerated timeline. This is
what has culminated in the outflows that were recorded for the
digital asset last week. In the space of a week alone, bitcoin had
seen the majority of outflows from the market, which had come out
to $120 million for the past week. These outflows had put it
dangerously close to its one-year outflow record that was set back
in June 2021, at $133 million leaving the digital asset. Related
Reading | ADA On Discount? Cardano Whales Go On $200M Shopping
Spree It was not the only asset to suffer outflows for the week
though. Blockchain equities that had mainly been resistant to the
outflow trend had finally succumbed. It had seen a total of $27
million left as negative sentiment continues to grow among
institutional investors. Ethereum also continued the outflow
trend. A total of $25 million had left the digital asset, bringing
its year-to-date outflows to $194 million. BTC trending at
$38,000 | Source: BTCUSD on TradingView.com This marks the 4th
consecutive week of outflows in the market. It now sits at a total
of $339 million that has left the market in this 4-week period. It
also reflects a generally bearish sentiment that is being felt
across the market as the Fear & Greed Index had dived into the
extreme fear territory. Despite this overwhelming negative
sentiment, not every digital asset in the space had suffered the
same fate. FTX Token came out as the unlikely winner of the week by
bringing in the largest inflows. The digital asset spearheaded the
inflow trend with a total of $38 million moving into the asset last
week. Related Reading | Experts Say Ethereum Will Grow
100% To Hit $5,783 By Year-End Other large altcoins mainly followed
this trend through with big players such as Terra and Fantom.
Although these digital assets had not done nearly as well as FTX
Token but had seen inflows regardless. It had come out to $0.39
million and $0.25 million recorded respectively for both.
Bitcoin still remains an investor favorite despite the inflows
though. It continues to hold steady at the $36,000 to $38,000
support level. Its price had briefly recovered above $39,000 in the
early hours of Wednesday before declining to be trading at $38,935
at the time of this writing. Featured image from MARCA, chart from
TradingView.com
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