Bitcoin Sell-off Increases As Grayscale ETF Hype Fades.
Crypto funds see more money leaving for the 8th week, showing investors might be feeling unsure about the market's future.
Money leaving the crypto market has been the trend for weeks, hinting at a cautious mood among investors. Although some data showed hope, recent numbers tell a different story.
In the past week, digital assets, like Bitcoin and Ethereum, faced a loss of $59 million. This marks the eighth week where the money leaving the market is more than the money entering the market. Specifically, Bitcoin lost $69 million, while Ethereum saw a $4.8 million drop.
However, there's a twist. Short-term Bitcoin investments (bets that the price will go down) gained $15 million. This uptick happened even when big organizations like the U.S. CFTC and the SEC took actions against top crypto companies like Binance and Coinbase.
Grayscale, recently won a legal battle against the SEC. This made many hopeful, dropping the outflow to just $11.2 million in a week. Everyone thought a special Bitcoin product (ETF) would get a green light. But, the SEC delayed its decision, pouring cold water on the enthusiasm.
Experts can't agree on when this Bitcoin product might get approved. Some say 2023, while others feel 2024 is more likely.
Grayscale wants a meeting with the SEC to talk about the Bitcoin product. But some believe even that might not kickstart a new positive phase in the market.
The way money moves in and out of crypto gives a peek into what most investors feel. Currently, many seem to be on the fence or negative about the market's future.
