While the banks caving in has been synonymous with a stock price nosedive, the crypto assets have managed to shield themselves from the catastrophe so far. On social media platforms like Twitter, the hashtag “BullMarket” has been trending. The same, to a fair extent, indicates that the community is pumped and is expecting the rally to carry on.
As far as the inclines are concerned, Bitcoin has appreciated by over 10% in the past 24 hours, while Ethereum and other Altcoins have noted significant single-digit upticks.
However, there doesn’t seem to be enough support at this stage. Data from CoinShares’ latest weekly report brought to light that digital asset investment products noted outflows for the fifth consecutive week, totaling $255 million. The same equates to the largest single weekly outflows on record, representing 1% of total assets under management.
Furthermore, the report highlighted,
“AUM has fallen by 10% over the week, retracing back to levels seen at the beginning of 2023. The outflows have also wiped out all the inflows seen this year.“
Also Read: Shiba Inu, Ethereum, MATIC: With Altcoins Dumping, Are Whales Jumping?
Bitcoin: Time to ring the ‘caution’ bells?
As illustrated below, Bitcoin was the worst affected casualty. Its outflows summed up to a whopping $244 million last week. Ethereum, on the other hand, noted negative flows worth $11 million.
However, altcoins like Solana, XRP, and MATIC registered inflows in the $0.1-0.3 million bracket. Budding institutional interest is a positive takeaway on any given day, but without the support of BTC, the others would unlikely be able to thrive. At the moment, there are other new signs of caution emerging on the board.
Also Read: Shiba Inu, Cardano, Ethereum: Is It Finally Time To Buy Altcoins?
On-chain data from Glassnode revealed that the number of Bitcoin whales has reached a new 3-year low of 1659. This means, along with institutions, the market is currently devoid of other large players as well.
Alongside, the exchange inflow volume has also started rising. At press time, it had just reached a 3-month high of 1,922.626 BTC. This means market participants have already started selling Bitcoin to relish the gains earned from BTC’s latest hike to $24k.
Thus, at this stage, it seems like there’s not much fuel to sustain the uptick spree for a long. It is perhaps just a matter of time before Bitcoin and other asset prices witness a pullback.
Also Read: Crypto Trader Makes $15M Profit By ‘Shorting’ Bitcoin, Ethereum