Crypto Fund Outflows: $600 Million in a Week Signals Market Shift
Monday, 9 September 2024, 14:34
Crypto Fund Outflows: A New Trend
The cryptocurrency market has seen significant shifts recently, with crypto fund outflows hitting $600 million, representing the second-largest decline recorded in history. Recent data from The Kobeissi Letter indicates this follows the largest outflow experienced during the bear market of late 2022, when a staggering $700 million left the market.
Impact on Market Capitalization
- The total crypto market capitalization dropped by $80 billion, from $2.02 trillion to $1.94 trillion over the past week.
- Bitcoin (BTC), the largest asset in the sector, showed a 1.76% daily increase but experienced a 5.23% loss weekly.
- Past quarter inflows peaked at $3.3 billion, suggesting a contrasting market sentiment.
Future Considerations
The recent outflows indicate a potential shift towards a negative market trend, as investors become increasingly cautious despite expectations of Federal Reserve rate cuts.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.