Market

The Net Outflow Of The Digital Asset Fund Was $30.4 Million Last Week

Key Points:

Last week, digital asset investment funds had net withdrawals for the first time in six weeks, totaling $30.4 million.
Outflows started on April 14, just as Bitcoin reached $30,000, implying that the most recent sell-off resulted from profit-taking.
Ether received $17 million in inflows, indicating investor confidence after the Shanghai network improvement.

Bitcoin outflows of $53.1 million helped end a six-week streak of inflows into digital asset investment products.

The Net Outflow Of The Digital Asset Fund Was $30.4 Million Last Week 3

According to the CoinShares weekly report, digital asset investment products had a net outflow of $30.4 million last week, capping a six-week streak of inflows.

Outflows started on April 14, coinciding with Bitcoin surpassing $30,000 for the first time in over a year, implying that the current sell-off was the result of profit-taking, CoinShares reported. Overall outflows for the week as the price of BTC declined by nearly 10%.

There was a net outflow of $53.1 million in Bitcoin investment products, a net inflow of $16.8 million in Ethereum investment products, and a net inflow of $1.5 million in short-selling Bitcoin investment products.

Apart from the main two cryptocurrencies, Polygon received another $1 million in inflows this week.

In the preceding four weeks, the world’s biggest cryptocurrency by market size has received $310 million in inflows.

BTC’s price has lately steadied over $27,000, but it faces stiff resistance above $28,350.

According to recent research by Michael van de Poppe, BTC’s value has the ability to rise if it successfully breaks beyond the $27,800-$28,000 region.

If this happens, BTC may possibly reach $29,200. The cryptocurrency’s upward momentum, however, is dependent on whether it can maintain the breakthrough over the barrier level.

Source: Twitter

Traders, however, emphasized that BTC remained optimistic, anticipating a possible copycat move of price action from February when BTC/USD burst higher following a period of consolidation. Nevertheless, a new study revealed that hodlers were split on whether to sell into strength, even during BTC’s run above $31,000.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.