Bitcoin and Ethereum Lead Crypto Outflows in the Last 3 Weeks

Liputan6.com, Jakarta – According to the latest Coinshares report, investment products cryptocurrencies recorded outflows for three consecutive weeks last week, totaling USD 435 million or the equivalent of IDR 7 trillion (assuming an exchange rate of IDR 16,223 per US dollar).

Reporting from Coingape, Tuesday (30/4/2024), this makes it one of the last weekly outflows since March. Strong outflows from US spot Bitcoin ETFs were a major contributor to this.

Last week, Bitcoin price faced significant selling pressure which corrected by more than 6%. At the same time, trading volumes for crypto ETFs.

The outflow was mostly felt by Bitcoin and Ethereum. In terms of regional trends, the United States (US) experienced the largest outflow, namely USD 388 million or the equivalent of IDR 6.2 trillion.

Meanwhile, Germany and Canada also faced negative sentiment with outflows of USD 16 million or the equivalent of IDR 259.5 billion and USD 32 million or the equivalent of IDR 519 billion, respectively.

However, Switzerland and Brazil bucked this trend, with inflows of USD 5 million or equivalent to IDR 81 billion and USD 4 million or equivalent to IDR 64.8 billion respectively.

On the other hand, various altcoins experienced inflows, investors preferred multi-coin investment products, resulting in inflows of USD 7 million or the equivalent of IDR 113.5 billion. Additionally, perennial favorites like Solana, Litecoin, and Chainlink maintain their momentum.

According to crypto analyst Michael van de Poppe, Bitcoin remains range-bound, indicating the potential for further downside movement.

He thinks the upcoming FOMC meeting on Wednesday could affect market sentiment, leading to a correction before the event. However, there may be a recovery afterward, fueled by hopes of a potential rate cut.

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