Bitcoin Loses $29 Million
Bitcoin . This has now brought outflows for the digital asset into three consecutive weeks with no signs of a reversal. The total came out to $29 million in outflows for the week. It marked another week where bitcoin had sent the majority of outflows, although others had recorded outflows.The inflows were more localized to short bitcoin, which once more speaks to the bearish sentiment that is brewing among bitcoin investors. Despite not being large by previous margins, the $1 million into short BTC shows that institutional investors continue to exercise caution when investing in the market.
Outflows Remain The Order Of The Day
Outflows were not only recorded in bitcoin alone, although it was the focus for the week. The second-largest cryptocurrency by market cap, Ethereum also saw outflows totaling $1 million for the same time period. Investors had been very bearish on the digital asset until the announcement of the Merge changed sentiment. However, it is obvious that the bullish sentiment did not last very long.
The market, in general, is still struggling despite bitcoin recovering above $20,000 once more. There is very weak momentum which makes this a seller’s market.
Featured image from Forbes, chart from TradingView.com
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