Bitcoin (BTC) Price Prediction: BTC Market Sentiment Worsens as Crypto Investment Products Face Second-Largest Weekly Outflows of 2024
- 王林Original
- 2024-09-10 03:38:10915browse
Crypto investment products faced the second-largest weekly outflows of 2024, totaling over $725 million, according to data from CoinShares.
Crypto investment products faced their second-largest weekly outflows of 2024, with a total of over $725 million being withdrawn, according to data from CoinShares. This marks the largest outflow since March, as the crypto market grapples with declining prices and heightened investor uncertainty.
In a report published on September 9, James Butterfill, head of research at CoinShares, attributed the outflows to stronger-than-expected macroeconomic data, which fueled speculation around a potential 25 basis point interest rate cut by the U.S. Federal Reserve.
“The markets are now awaiting Tuesday’s Consumer Price Index inflation report, with a 50bp cut more likely if inflation comes in below expectations,” Butterfill noted.
The outflows were predominantly concentrated in the U.S., which saw a withdrawal of $721 million, while Canada experienced $28 million in outflows.
In contrast, European markets remained relatively resilient, with Germany and Switzerland posting inflows of $16.3 million and $3.2 million, respectively.
Bitcoin Leads Outflows as Market Sentiment Worsens
Bitcoin experienced the largest single-asset outflow, with investors pulling $643 million from the market. Short-bitcoin products, however, saw modest inflows of $3.9 million, suggesting a growing interest in bearish positions.
Ethereum followed suit, registering a $98 million loss, primarily from the Grayscale Trust, as exchange-traded fund (ETF) inflows slowed.
Among altcoins, Solana stood out as an exception, attracting $6.2 million in inflows—the highest among digital assets.
Market sentiment has continued to worsen, with Bitcoin’s daily exchange activity also seeing a drastic decline. Inflows dropped by 68%, from 68,470 BTC to 21,742 BTC, while outflows fell by 65%, from 65,847 BTC to 22,802 BTC.
The Crypto Fear and Greed Index, a key market sentiment indicator, hit a one-month low of 26, signaling rising anxiety and cautious investor behavior.
The above is the detailed content of Bitcoin (BTC) Price Prediction: BTC Market Sentiment Worsens as Crypto Investment Products Face Second-Largest Weekly Outflows of 2024. For more information, please follow other related articles on the PHP Chinese website!