Bitcoin (BTC) fell below the $58,000 mark on Monday morning as institutional buying momentum appeared to stall, contributing to a broader decline in the cryptocurrency market. Ethereum (ETH) dropped 4.6% to $2,570, Solana (SOL) experienced an 8% decrease to $145, BNB (BNB) fell by 5.5%, and Toncoin (TON) slid approximately 6%.
Despite these declines, CoinShares data reveals that investors are seizing the opportunity presented by the downturn. CoinShares reported $176 million in inflows into digital asset products, reflecting investor confidence in the face of falling prices. As a result, total assets under management (AUM) for these products have rebounded to $85 billion, recovering from a previous $20 billion deficit largely due to price recoveries rather than new investments.
Ethereum has notably benefited from this trend, with $155 million in inflows last week alone, largely driven by the introduction of US spot-based ETFs. Year-to-date inflows for Ethereum have now reached $862 million, marking the highest level since 2021.
Bitcoin experienced outflows earlier in the week but concluded with a net inflow of $13 million. Conversely, short Bitcoin ETPs saw their largest weekly outflow since May 2023, with $16 million withdrawn.
The future trajectory of Bitcoin remains ambiguous. According to 10x Research, Bitcoin is unlikely to achieve new all-time highs in the near term, with potential risks skewed towards a downward trend. CEO Markus Thielen indicated a possible adjustment in Bitcoin’s trading range to between $50,000 and $60,000, attributing this shift to diminishing ETF purchasing activity.
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