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Bitcoin

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<p>Bitcoin-based crypto investments have witnessed another week of outflow in what was an <a href="https://www.newsbtc.com/news/bitcoin/is-the-bitcoin-bottom-in-what-7-experts-say/">unpleasant week for Bitcoin</a> and other cryptocurrencies. Bitcoin investors, in particular, were disappointed as they watched the price of the world’s biggest asset decline during the week, <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-crash-below-60000-end/">temporarily falling below $60,000</a>. According to recent inflow data from CoinShares, this correction also flowed into crypto investment products. Notably, crypto investment products registered $584 million outflows last week <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-solana-600-millio-ncrypto/">to extend outflows</a> to $1.2 billion in two weeks.</p> 
<h2 id="true-correction-is-underway-for-bitcoin">True Correction Is Underway For Bitcoin</h2> 
<p>According to the <a href="https://blog.coinshares.com/volume-188-digital-asset-fund-flows-weekly-report-2582269d7257" rel="nofollow">CoinShares report</a>, most of the outflows were concentrated toward Bitcoin, with the crypto’s investment products registering $630 million last week. As the report noted, this outflow sentiment can be largely attributed to a growing pessimism amongst crypto investors for interest rate cuts by the FED this year. Furthermore, the continued outflow suggests that a true correction might be underway for Bitcoin.&nbsp;</p> 
<p>However, while this correction might be going on, it might not necessarily translate to a completely negative sentiment for Bitcoin. Such an inference is made in light of a corresponding $1.2 million outflow in short Bitcoin products, which suggests that the majority of investors do not believe that Bitcoin will continue to decline over the long run.&nbsp;</p> 
<p>In terms of geographical location, the US saw the largest outflows, totaling $475 million. Interestingly, a majority of this recorded outflow originated from Spot Bitcoin ETFs trading in the US. According to data, Spot Bitcoin ETFs witnessed <a href="https://www.newsbtc.com/news/bitcoin/spot-bitcoin-etfs-outflows-7-days/">outflows every day last week</a>, causing the lowest trading volume of $6.9 billion in investment products since their launch in January 2024. Outflows were also seen in Canada, Germany and Hong Kong at $109.3 million, $23.8 million and $19.3 million, respectively.</p> 
<p><a href="https://www.newsbtc.com/analysis/eth/ethereum-price-hurdle-3420/">Ethereum</a>, which had also been coming from an unpleasant week of price action, wasn’t left out of the negative sentiment and registered $58 million in outflows, its biggest weekly outflow in 2024.</p> 
<p>Deviating from the outflow trend, many altcoin products witnessed surprising weekly inflows despite price declines on the spot market. This was headed by multi-asset products, which saw $98 million in inflows. Solana, Litecoin and Polygon also had inflows of $2.7 million, $1.3 million, and $1 million, respectively.&nbsp;</p> 
<h2 id="more-price-correction-ahead">More Price Correction Ahead?</h2> 
<p>This week will be crucial in determining whether Bitcoin and other cryptocurrencies will continue to experience price corrections. Time will tell if the recent volatility is a sign of further declines or a temporary dip. However, the price action observed in the past 24 hours suggests that the correction might be <a href="https://bitcoinist.com/bitcoin-bullish-pattern-signals-rebound-to-70000/" rel="nofollow">nearing its conclusion</a>.</p> 
<p>Bitcoin, Ethereum, Solana, and many other cryptocurrencies have rebounded significantly, showing notable price increases over the past day. If <a href="https://bitcoinist.com/bitcoin-whales-quietly-buy-439-btc-market-panics/" rel="nofollow">sustained in the spot market</a>, this upward trend could potentially lead to increased inflows into crypto investment products by the end of the week.</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/hfdYeILV/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1576">

Bitcoin Crash Not Done: CoinShares Analyst Predicts ‘True Correction’ Amid Outflows

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