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Bitcoin To Hit $100K?
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Spot Bitcoin ETFs See Largest Outflows Since May 1, Totaling $287M! - $ETH As reported, digital asset investment products faced significant outflows last week, with a total of $305 million exiting the market. The trend reflects a broader wave of negative sentiment that has gripped the cryptocurrency market across various regions and providers. The primary catalyst behind this downturn appears to be stronger-than-expected economic data from the United States, which has reduced the likelihood of a 50-basis point interest rate cut by the Federal Reserve. Bitcoin was at the center of this exodus, experiencing outflows totaling $319 million. However, not all Bitcoin-related products suffered. Short Bitcoin investment products, which profit from declines in Bitcoinâs price, saw their second consecutive week of inflows, amounting to $4.4 million. Ethereum, the second-largest cryptocurrency by market capitalization, also saw negative sentiment manifest in outflows, with $5.7 million leaving the market. Trading volumes for Ethereum stagnated, reaching only 15% of the levels observed during the U.S. ETF launch week. The week also saw significant price movements in major cryptocurrencies. Bitcoin closed the week at approximately $57,300, a 10.8% decline from the previous weekâs close of around $64,220. Ethereum also faced a challenging week, closing at around $2,425, down 11.7% from the previous weekâs close. #Write2Earn
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