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Home»ALTCOIN NEWS»Can Bitcoin above $66,000 reverse the $206 million outflow?
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Can Bitcoin above $66,000 reverse the $206 million outflow?

By Crypto FlexsApril 24, 20242 Mins Read
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Can Bitcoin above ,000 reverse the 6 million outflow?
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  • Digital asset investment products recorded an outflow of $206 million last week.
  • Bitcoin led outflows of $192 million amid Fed interest rate concerns.

Last week, the outflow of digital asset investment products more than doubled, recording a second consecutive decline. According to CoinShares: reportThe outflow totaled $206 million.

Bitcoin (BTC) The outflow was the largest at $192 million, followed by $192 million. Ethereum (ETH) 32 million dollars.

Bitcoin leads outflows

Compared to the previous week ($106 million), last week’s outflows were twice as high, highlighting investors’ risk-averse approach.

Bearish sentiment dominated in the US, with US exchange-traded funds (ETFs) recording outflows of $244 million.

Additionally, slowing inflows compared to previous weeks has dampened demand for new spot BTC ETFs.

AMBCrypto’s Instant Verification for Farside Investors data Confirmed this. Between April 15 and 18, the U.S. spot BTC ETF recorded total outflows of $264 million.

Total transaction volume involving Bitcoin also declined over the same period, which the report said was linked to interest concerns.

Part of the report read;

“Data shows that ETP/ETF investor appetite continues to decline, likely driven by expectations that the FED will keep interest rates higher for longer than expected.”

However, surprisingly, only a few investors took the opportunity to sell Bitcoin amid interest fears, as the report said the outflow from Bitcoin short-selling products was only $300,000.

In the altcoin sector, ETH’s $32 million outflow was recorded for the sixth week in a row, highlighting ETH’s difficult start to the second quarter. Solana (SUN) and Bitcoin Cash (BCH) What followed was an outflow of $300,000 each.

but, Chainlink (LINK) and Litecoin (LTC) They recorded a significant inflow of Favorite by Investors During the same period.

It is worth noting that the US spot BTC ETF recorded net inflows on April 19th and 20th as BTC recovered above $66,000.

It will be interesting to see whether this will shift investors from risk-off to risk-on and strengthen inflows into digital asset investment products.

Previous: Shiba Inu – Key indicators predict 200% price increase after Bitcoin breakaway

Next: Examining whether Uniswap (UNI) can rise 200% in 2024

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