The outflow of funds from cryptocurrency investment products from April 22 to April 28 amounted to $72.1 million compared to $30.4 million a week earlier. Analysts gave this assessment CoinShares.
The specialists explained the dynamics by the upcoming Fed meeting on May 3, at which the key rate is expected to rise by 0.25%.
The outflow of funds from bitcoin products amounted to $46 million ($53.1 million a week ago).
From the structures that allow opening shorts on the first cryptocurrency, investors withdrew the maximum $7.8 million since September 2022. In the previous reporting period, an inflow of $1.5 million was recorded.
Ethereum funds recorded a $19 million outflow, the highest since The Merge in September 2022. A week earlier, there was an inflow of $17 million.
In other altcoins, positive dynamics prevailed. Products based on Solana, Algorand and Polygon raised $0.2 million, $0.17 million and $0.14 million, respectively.
Recall that Glassnode analysts named sell orders for “new investors” at levels near $30,000 as a key factor in stopping the Bitcoin rally.
Earlier, Galaxy Digital CEO Mike Novogratz predicted that the price of the first cryptocurrency would reach $40,000 after the Fed began to cut the key rate.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The outflow of funds from cryptocurrency investment products from April 22 to April 28 amounted to $72.1 million compared to $30.4 million a week earlier. Analysts gave this assessment CoinShares.
The specialists explained the dynamics by the upcoming Fed meeting on May 3, at which the key rate is expected to rise by 0.25%.
The outflow of funds from bitcoin products amounted to $46 million ($53.1 million a week ago).
From the structures that allow opening shorts on the first cryptocurrency, investors withdrew the maximum $7.8 million since September 2022. In the previous reporting period, an inflow of $1.5 million was recorded.
Ethereum funds recorded a $19 million outflow, the highest since The Merge in September 2022. A week earlier, there was an inflow of $17 million.
In other altcoins, positive dynamics prevailed. Products based on Solana, Algorand and Polygon raised $0.2 million, $0.17 million and $0.14 million, respectively.
Recall that Glassnode analysts named sell orders for “new investors” at levels near $30,000 as a key factor in stopping the Bitcoin rally.
Earlier, Galaxy Digital CEO Mike Novogratz predicted that the price of the first cryptocurrency would reach $40,000 after the Fed began to cut the key rate.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!