- Despite the widespread negativity, not every digital asset in the space had met the same death. By attracting the most inflows, FTX Token emerged as the week’s surprising winner. Last week, the digital asset led the inflow trend, with a total of $38 million pouring into the asset.
- Both had been recorded at $0.39 million and $0.25 million, respectively. Despite the inflows, Bitcoin remains a favorite among investors. The support level of $36,000 to $38,000 remains unchanged. Its price momentarily rose above $39,000 in the early hours of Wednesday before falling to $38,935 at the time of writing.
- Bitcoin had witnessed the majority of withdrawals from the market in the previous week, totaling $120 million. With these losses, it was dangerously close to breaking its one-year outflow record, which was set in June 2021, when $133 million left the digital asset.
Institutional inflows into bitcoin have slowed dramatically while the price of the digital asset remains below $40,000. This has spread to other digital assets in the industry. The outflow rate, which is nearing one-year lows, is the most significant factor. The rate at which institutional investors have been withdrawing money from bitcoin has been increasing over the last few weeks. This is what led to the digital asset’s outflows being recorded last week.
Bitcoin Withdrawals Are Increasing
Bitcoin had witnessed the majority of withdrawals from the market in the previous week, totaling $120 million. With these losses, it was dangerously close to breaking its one-year outflow record, which was set in June 2021, when $133 million left the digital asset.
However, it was not the only asset to see outflows this week. Blockchain stocks, which had mostly defied the outflow trend, have finally fallen. It had a total of $27 million left as institutional investors’ unfavorable opinions continued to grow.
Ethereum’s outflows have also persisted. The digital asset has lost a total of $25 million, bringing its year-to-date outflows to $194 million. This is the market’s fourth consecutive week of outflows. It now stands at $339 million, with $339 million having departed the market in the last four weeks. It also indicates a market-wide gloomy mood, since the Dread & Greed Index has dipped into the extreme fear zone.
$38 Million Pouring Into The Asset
Despite the widespread negativity, not every digital asset in the space had met the same death. By attracting the most inflows, FTX Token emerged as the week’s surprise winner. Last week, the digital asset led the inflow trend, with a total of $38 million pouring into the asset.
With big players like Terra and Fantom, other large altcoins mostly followed this trend. Despite the fact that these digital assets had not performed as well as FTX Token, they had attracted inflows. Both had been recorded at $0.39 million and $0.25 million, respectively. Despite the inflows, Bitcoin remains a favorite among investors. The support level of $36,000 to $38,000 remains unchanged. Its price momentarily rose above $39,000 in the early hours of Wednesday before falling to $38,935 at the time of writing.
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Source: https://www.thecoinrepublic.com/2022/05/06/institutional-bitcoin-withdrawals-are-near-one-year-highs-is-there-more-worse-to-come/