According to ChainCatcher, recently, EMC Labs, a crypto asset investment research institution, released a report for May 2024 titled "The impact of policy factors has intensified, and buying power is gathering to find a breakthrough point". The report pointed out that in May, the inflow of funds in the stablecoin channel was only US$341 million, far lower than the 8.9 billion and 7 billion in March and April. In contrast, the fiat currency funds in the ETF channel had outflows on 5 trading days out of the 22 trading days in May, and recorded net inflows on 17 trading days, with a net inflow of US$1.905 billion for the whole month, far exceeding the 341 million in the stablecoin channel. The report also pointed out that in May, the strong rebound of the Nasdaq has recovered all the losses in April. The funds in the BTC ETF channel are currently more affected by the Nasdaq. Under the weak funds in the market, its dominance over the BTC price is increasing. Therefore, the trend of the Nasdaq, which is affected by the performance of technology stocks, may become the most important factor in determining the price trend of BTC.
