This Year’s Crypto Market Volatility
This year has seen significant volatility in the crypto market, with Bitcoin experiencing both gains and losses. Just a month ago, Bitcoin crossed $30,000, signaling a potential bull run. However, the price has since plateaued, leading to outflows from digital asset investment products.
Main Breakdowns:
- Bitcoin outflows from institutional accounts have resumed
- Outflows from digital asset investment products have spiked in recent weeks
- Euphoria following Ripple’s partial victory against the SEC has dissipated
- Bitcoin saw the largest outflows of $42 million
- Canada had the most outflows, followed by Germany
Rise in Bitcoin Outflows
Bitcoin outflows from exchanges suggest that big investors are losing faith in the cryptocurrency. Speculations about the SEC not approving spot Bitcoin ETFs in the US have fueled this trend. Total assets under management have declined by 10% as a result.
Hot Take
The recent outflows and decline in Bitcoin’s price indicate a shift in investor sentiment. The uncertainty surrounding spot Bitcoin ETFs and the SEC’s delay in making a decision may continue to impact the market. It remains to be seen how this will affect the overall crypto market in the coming weeks.
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