Bitcoin has been trading in a range of $32,500 to $36,500. Volumes have held up well, and network activity has been good as well. Investors have been warned that a break below the critical $30,000 mark could mean problems, according to analysts.
According to a cryptocurrency specialist at JPMorgan, the Bitcoin bear market is likely to continue until the cryptocurrency’s market share recovers to more than 50%.
The price of ETH influences the price of other altcoins. ETH has been consolidating over the last two weeks. Despite the fact that the recovery continued, it accelerated during the weekend, breaking resistance at $2,271 and setting a new local high at $2,400.
On the flipside, according to a report shared by Coinshares,Last week, digital asset investment products received inflows of US$63 million for the first time in five weeks. In addition, for the first time in nine weeks, inflows were witnessed across all individual digital assets, indicating a shift in investor mood.
Bitcoin received the greatest inflows, totaling US$39 million, with modest changes to previous weeks’ data now emphasising a two-week run of inflows. Following three weeks of withdrawals, Ethereum saw an inflow of US$18 million.
Altcoins Market sentiments
XRP, Polkadot, and Cardano all experienced inflows of US$1.2 million, US$2.1 million, and US$0.7 million, respectively.
While there were US$0.6 million inflows into multi-digital asset investment products, this was significantly lower than previous weeks, indicating that investors are less interested in diversification.
Despite inflows last week, Bitcoin investment product trading turnover fell to its lowest level since November 2020. A similar trend was observed across the whole Bitcoin ecosystem, with volumes down 38% from the average for 2021.