According to Odaily, the digital asset market has experienced its second largest weekly decline in 2024 due to a cooling demand for Bitcoin spot ETFs and uncertainty in monetary policy. Data indicates that in the past seven days leading up to last Sunday, the index related to the top 100 digital assets by market value fell by approximately 5%. This is the largest drop since April of this year.
Influenced by six consecutive days of capital outflows from the US Bitcoin spot ETF, Bitcoin fell below $63,000 on Monday, marking a low point for over a month. David Lawant, Research Director at FalconX, wrote in a report that the current dynamics of the crypto market are characterized by low volatility and weak trading volume. When prices begin to move towards the edge of the range, the order book becomes unbalanced.
