Bitcoin led the recovery rally as crypto investment products experienced a reversal after two weeks of consecutive outflows totaling $1.2 billion. Data shows that inflows reached $436 million.
Bitcoin Investment Surge
According to the latest report from CoinShares, the surge in inflows towards the end of the week was primarily due to market expectations for a potential 50 bps rate cut on September 18th. This change in sentiment followed comments from former NY Federal Reserve President Bill Dudley. Bitcoin enjoyed $436 million in inflows, following a 10-day run of outflows totaling $1.18 billion. Conversely, short-bitcoin products saw outflows of $8.5 million, reversing a three-week trend of inflows.
Regional Comparison
In terms of regional comparison, the United States witnessed $416 million in inflows. Switzerland and Germany also witnessed inflows of $27 million and $10.6 million respectively. However, Canada saw outflows of $18 million.
Overall Crypto Market Status
The crypto market started off on a negative note on Monday. CoinMarketCap data shows that the market cap has dropped 2.6% in the last 24 hours. Bitcoin is down by 2.2% in the last 24 hours and is trading at $58,690, once again falling below the $60,000 level after hitting the $64,000 range over the last few days. Ethereum suffered the most, with a 4.5% drop during this period, hovering around the $2,300 level.
The crypto market has finally shown positive movement after two consecutive weeks of outflows. However, overall metrics remain volatile, warranting careful observation.
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