The trading volume of the entire cryptocurrency market is still very low, nearly 50% lower than the annual average.Last week, most of the funds flowed out from Bitcoin, totaling $46 million
- The trading volume of the entire cryptocurrency market is still very low, nearly 50% lower than the annual average.
- Last week, most of the funds flowed out from Bitcoin, totaling $46 million. Join us JQCC349
According to the latest report from CoinShares, digital asset investment products have experienced a net outflow for the second consecutive week. This may be a response to the possibility of further interest rate hikes by the Federal Reserve.
The outflow of funds last week increased from $30 million a week ago to $72 million, as the bearish sentiment in the market persisted. The Federal Reserve is expected to raise interest rates at its policy meeting on May 3rd.
Coinshares The trading volume of the entire cryptocurrency market is still very low, nearly 50% lower than the annual average. (ETP) 17 16%
BTC and ETH feel pressure
Last week, most of the funds flowed out from Bitcoin [BTC], totaling $46 million, while short Bitcoin also experienced its largest outflows since December 2022. A total of 7.8 million US dollars.
The failure of the First Republic Bank was a macroeconomic trigger factor such as the second largest bank failure in US history, preventing investors from investing funds in speculative assets.
Similarly, Ethereum, the second largest token by market value, recorded a total outflow of $19 million last week, the largest weekly outflow since the merger in September last year. This is surprising as people's interest in ETH, especially its pledge services, has resumed, and Nansen data shows that deposits have exceeded withdrawals in the past week.
On the other hand, counterfeit coins like Solana [SOL] and Cardano [ADA] successfully bucked the trend and recorded small inflows of $200000 and $100000, respectively.
Lowering OI
According to CoinMarketCap data, Bitcoin fell nearly 3.92% last week. As BTC's open interest contracts (OI) have decreased by 3% in the past week, negative sentiment has permeated the futures market. According to Coinglas' data, as of the time of publication, the settlement price of Bitcoin was $11.29 billion.
The decrease in OI accompanied by a decrease in prices usually indicates a widespread bearish sentiment in the market.
Negative emotions are further reflected in the long/short ratio, which remained below 1 last week. This indicates that compared to price increases, more investors are betting on price declines.
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