The retreat in the crypto market was also reflected in the data of stablecoin issuer Tether (USDT). According to the report prepared by Copper, a crypto custody service provider, Tether's monthly supply increase has decreased significantly. USDT, which recorded a supply increase of over 5 percent in April and May, remained below 1.5 percent as of June 24.
Evaluating this situation, Copper's research manager Fadi Aboualfa said, "This chart shows that the liquidity entering the crypto market is low due to Bitcoin and Ethereum being under downward pressure, and the expectation of an altcoin rally in the short term has weakened."
More than $540 million outflowed from the crypto market last week. Bitcoin (BTC), which has lost more than 10 percent in value in the last month, dropped from 68 thousand dollars to 62 thousand dollars. While this news was being written, the price of BTC is trading at $61,548.
“While markets are focused on ETF dynamics, Bitcoin's price is performing monotonously compared to this flow,” Aboualfa said. “Although this is not a bullish metric, it shows that even investors expecting a crash are not willing to sell their Bitcoins at a low price. ”
Stating that Bitcoin's price increased by 37 percent after it started to be traded in exchange-traded funds (ETFs), Aboualfa said, “Bitcoin is still traded at low and high levels in many areas. “This shows there is still room for downward pressure,” he said.
Macroeconomic Challenges Facing Bitcoin
Crypto markets continue to remain under pressure from the macroeconomic environment. A report published by ETC Group on June 25 shows that traditional financial markets have begun to "price in" global growth expectations.
“The key factor in the downward revision of global growth expectations is that incoming US economic data consistently disappoints compared to forecasts,” the report states.
Also mentioned is the Bloomberg index, which measures the difference between actual macroeconomic data and predicted ones. The index in question is at its lowest level since 2019. The report states, "This decline reveals the general belief that the macroeconomic environment is gradually deteriorating."
According to ETC Group, the decline in global growth forecasts and increasing recession risks in the US may continue to put pressure on the price of Bitcoin.
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