After days of outflows, crypto investment fund inflows made a return, which likely helped Bitcoin and other altcoins in the market avoid a crash and hold their trading ranges.
While Bitcoin has traded in the same trading range since May 14, it also held its $61,000 support at the same time. This could have happened because of a comeback in crypto investment fund inflows. These investment products have seen outflows over the last few weeks, but a reversal is taking shape. Institutional investors helmed a big portion of these inflows.
A global investment firm’s research report reported this change in the crypto market. The report stated inflows of $130 million last week. It said, “Regionally, the US saw the majority of inflows totaling US$135m, with incumbent Grayscale seeing the lowest weekly outflows since January totaling US$171m. Switzerland saw inflows of US$14m.”
Bitcoin’s dominance is still present in the crypto market, but other altcoins have also improved their respective shares. Moreover, retail investors in the spot Bitcoin ETFs have relatively cooled down from the hype in early 2024. A slowdown in the Hong Kong crypto ETFs also contributed to it.
Meanwhile, the absence of a major trigger will possibly keep Bitcoin in its current range for some time. In the months ahead, a combination of adoption, regulatory updates, and macroeconomic improvements could impact the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $61,900 on May 15, 2024, with BTC/USD trading higher by a margin of 0.45% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.22 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (62,648.55), as BTC’s 24-hour volume was at around $24.3 billion. The global crypto market cap decreased by around 0.31%, trading above $2.26 trillion. BTC’s year-to-date returns are at 48.14%.
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