Markets
Bitcoin Price Hits One-Month Low Amid $600 Million Digital Asset Outflows
Bitcoin has hit a one-month low as outflows from digital asset investment products and the potential for prolonged high borrowing costs in the U.S. weigh heavily on the cryptocurrency market. BTC fell as much as 2.1% today (June 18, 2024), reaching levels last seen in mid-May before stabilizing.
Shocking! Significant exits from digital asset products
According to data from CoinShares International, approximately $600 million was withdrawn from digital asset products last week, marking the largest outflow since March. Persistent concerns about inflation have led investors to lower their expectations for interest rate cuts from the Federal Reserve this year. This poses a significant challenge for speculative investments like cryptocurrencies.
Comparative Performance Analysis: Stocks and Bonds Vs. Bitcoin
In the current quarter, stocks and bonds outperformed Bitcoin, a stark contrast to the previous quarter where digital assets provided superior returns compared to traditional markets. This change highlights the volatility and speculative nature of the cryptocurrency market.
Bitcoin Market Analysis: BTC 2024
Bitcoin’s current price is $65,634, a drop since early June when it surpassed $71,100. At the start of the year, Bitcoin was around $44.00, experiencing an uptrend in early February, likely driven by demand for US exchange-traded funds. In mid-March, Bitcoin peaked at $73,798, but since then the recovery has cooled along with a reduction in ETF flows.
Bitcoin Analysis Using Technical Indicators
Bitcoin’s 30-period simple moving average is $68,457, and the 30-period exponential moving average is $67,416. Both values are much higher than BTC’s current value of $65,634.
Bitcoin ETF Market: A Simple Overview
The total market cap of the Bitcoin ETF is $82.04 billion, with Bitcoin Futures at $2.31 billion and Bitcoin Spot ETF at $79.74 billion. In the last 24 hours, Bitcoin ETFs recorded a trading volume of $1.38 billion, with Bitcoin Futures ETFs at $160.31 million and Bitcoin Spot ETFs at $1.22 billion.
Bitcoin’s recent crash highlights the ongoing challenges in the cryptocurrency market, influenced by macroeconomic factors and investor sentiment. As crypto traders navigate these fluctuations, the future of Bitcoin remains a focal point of interest and speculation.