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Bitcoin remains plagued with a negative market sentiment as shown by recent indicators, including massive month-to-date outflows of $91m in just thirteen days with the outflows of the past week totaling around $57m.
These outflows are not peculiar to Bitcoin
The recent outflows in the market have not been exclusive to Bitcoin as the second largest crypto asset by market cap, Ethereum, has as well been hit with the current crypto winter, seeing outflows totalling $40.7m in the past week with a $72.3m month-to-date outflow.
Additionally, the total outflows from investment products involving virtual assets in general have gotten to $101.5m in the past week. Blockchain equities, also, have seen a total outflow of $5M within the same period.
On the other hand, despite dipping by 16% in the past 24 hours, and 37% in the past week, Solana seems to be generally having some amount of inflows regardless of how low – the asset boasts of an inflow of $0.4M the past week. Another asset that tows the same line is Litecoin with a meagre inflow of $0.2m in the past 7 days.
It’s been a rocky journey for crypto investors the past month as virtually all digital assets have been hit with the ongoing bear market. This has led to sudden capitulations and liquidations. Over $520m was liquidated from the market as BTC traded below $24k for the first time since December, 2020.
Data analytics platform CryptoQuant has also reported a negative market sentiment regarding Bitcoin as it records a low US investors’ buying pressure as measured with its Coinbase Premium sentiment indicator. Similarly, the current crypto Fear and Greed Index reads 11 as at press time, indicating extreme fear.
Global markets scene in general not looking very good
While a lot of Crypto critics would have loved to seize the opportunity with the current crypto winter to bash digital assets, that has scarcely been the case as it appears the finance scene in general is not looking very good currently.
The Indian government has recently announced a reduction in excise duties on petrol and other commodities in order to combat growing inflation. Furthermore, the US has reported an 8.6% inflation rate – the highest in 40 years.
Additionally, most stocks have not been performing quite well in recent times as well with Musk’s Tesla (TSLA) dipping by 3.12%, Amazon (AMZN) and Apple (AAPL) suffering an approximate depreciation of 5% and Microsoft (MSFT) dumping by 4.46% on NASDAQ.
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