According to ChainCatcher, recently, EMC Labs, a crypto asset investment research organization, released its May 2024 report titled "The impact of policy factors has intensified, and buying power is gathering to find a breakthrough point."
The report pointed out that with the massive exchange of chips and violent market fluctuations, coupled with the postponement of interest rate cuts, the inflow of funds in the stablecoin channel in May was only 341 million US dollars, far lower than 8.9 billion and 7 billion in March and April. On the other hand, the fiat currency funds in the ETF channel flowed out on 5 trading days out of 22 trading days in May, and recorded net inflows on 17 trading days, with a net inflow of 1.905 billion US dollars for the whole month, far higher than the 341 million of the stablecoin channel. In May, the strong rebound of the Nasdaq has recovered all the losses in April. The funds of the BTC ETF channel are currently more affected by the Nasdaq. Under the weak state of funds on the market, its dominance over the BTC price is increasing. If so, 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.
