As a seasoned crypto investor with a knack for navigating through market turbulence, I find myself standing at the precipice of both excitement and apprehension. The current streak of daily net outflows from US Bitcoin ETFs is reminiscent of a rollercoaster ride that’s lost its momentum, but not quite ready to plunge into the abyss.
For the past eight days leading up to September 6th, 2024, U.S.-based Bitcoin exchange-traded funds (ETFs) have been experiencing their longest consecutive withdrawal of daily investments since they were introduced earlier this year. According to a report by Bloomberg on September 9th, investors have withdrawn approximately $1.2 billion from a collection of 12 Bitcoin ETFs. This trend suggests a broader pattern of investors shifting away from riskier assets amidst a challenging market climate for global markets.
According to Bloomberg’s findings, the cryptocurrency industry is experiencing a period of unrest due to various economic elements. The market slump coincides with conflicting job reports from the U.S. and growing worries about deflation in China, which are influencing investor attitudes. This instability is causing a stronger connection between cryptocurrencies and traditional stocks, thereby intensifying the strain on Bitcoin as both sectors face difficulties.
In September, Bitcoin’s performance has been subpar, as it experienced a decrease of approximately 7%, based on data from Bloomberg.
Over the weekend preceding September 9th, Bitcoin experienced a modest increase, climbing approximately 1% to hit $54,870. The busiest trading activity occurred around 1 p.m. on Monday in Singapore.
According to Bloomberg’s report, Sean McNulty, the trading director at Arbelos Markets, believes that a slight recovery in the crypto market is due to some influential figures in the sector closing their short positions. One such example given by McNulty was a social media post from Arthur Hayes, co-founder of BitMEX. Furthermore, McNulty pointed out that the positive polling of pro-crypto Republican candidate Donald Trump for the upcoming US presidential election might be shaping market opinions. As a debate between Trump and Democratic candidate Kamala Harris approaches, there’s been an increase in demand for hedging strategies due to the anticipated market volatility.
The Bloomberg report further stated that ETFs introduced in January with great anticipation initially propelled cryptocurrency to reach an unprecedented high of $73,798 in March. But as the demand for these funds settled down, Bitcoin’s surge has since moderated, resulting in a year-to-date increase of around 30%. Bloomberg suggested that the cryptocurrency is expected to stay within its current trading band of $53,000 to $57,000 until the announcement of US consumer-price index figures on Wednesday. Caroline Mauron, co-founder of Orbit Markets, believes this inflation data could have a substantial effect on the market by influencing assumptions about the Federal Reserve’s upcoming monetary policy.
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2024-09-09 14:15