$3 billion left Bitcoin funds in 10 days
Outflows from Bitcoin-based exchange-traded funds have continued for ten consecutive days. Zamin.uz reported this.
Since May 15 of this year, a total of more than 2.97 billion dollars have been withdrawn from these financial instruments. According to data provided by the SoSoValue analytical center, the daily outflow volume during this period fluctuated between 70 million dollars and 733 million dollars.
The highest decline was recorded on Wednesday, amounting to 733.43 million dollars in a single day. Prestigious publications are reporting this.
The total amount of net assets in Bitcoin funds has also decreased significantly. While the asset volume was 104.29 billion dollars as of May 15, by Friday, this figure dropped to 94.17 billion dollars.
This means that nearly 10 billion dollars have left the market in just two weeks. The current ten-day negative streak will break the eight-day record observed at the beginning of last year.
According to experts, such mass sales indicate growing concern among large investors, who are attempting to move their funds into safer assets. The crypto analysis company Santiment Intelligence evaluates this situation as a contrarian indicator.
Historical experience shows that a sharp outflow of funds from funds often indicates that the market is approaching its lowest point. Prices usually move contrary to the expectations of the majority of traders.
That is, the period of maximum fear and despair in the market often occurs before prices recover and a new growth phase begins. At the same time, Ethereum-based exchange funds were not left out of the general downward wave.
These assets have continued to lose funds for 14 consecutive days since May 11. Their total assets decreased from 13.85 billion dollars to 11.27 billion dollars.
However, contrary to the general market trend, some new financial instruments, specifically hyper-liquid funds, have been attracting investment every day since their launch. Currently, their total assets have reached 122.20 million dollars, which is assessed as a positive situation against the backdrop of the general stagnation.
