{"id":149929,"date":"2023-09-05T11:35:34","date_gmt":"2023-09-05T06:05:34","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=149929"},"modified":"2023-09-05T11:35:34","modified_gmt":"2023-09-05T06:05:34","slug":"crypto-market-might-look-calm-but-its-swimming-like-mad-beneath-the-surface-analyst-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-market-might-look-calm-but-its-swimming-like-mad-beneath-the-surface-analyst-crypto-news\/","title":{"rendered":"Crypto Market Might Look Calm, But It\u2019s \u2018Swimming Like Mad\u2019 Beneath the Surface: Analyst – Crypto News"},"content":{"rendered":"
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Institutions are evenly split on crypto funds this week, <\/span>according to<\/span><\/a> the latest analysis from CoinShares. The firm’s latest report shows that the last seven days were marked by a meager $11.2 million in outflows,suggesting that neither bulls nor bears are in charge.<\/span><\/p>\n

Digging a bit deeper, however, the larger picture reveals more insight. Trading volumes jumped 90% above the year-to-date average, skyrocketing to $2.8 billion over the same period.<\/span><\/p>\n

\u201cI liken it to a duck,\u201d <\/span>James Butterfill<\/span><\/a>, head of research for CoinShares, told <\/span>Decrypt. <\/span><\/i>\u201cOn the surface, not much is happening, but underneath it’s swimming like mad.\u201d<\/span><\/p>\n

He said the numbers can be attributed to last week’s roller coaster of legal and emotional ups and downs in the crypto market.<\/span><\/p>\n

Grayscale celebrated as the institution <\/span>won its appeal<\/span><\/a> against the SEC to convert its Bitcoin trust to an ETF. The party was short lived, however, after the regulatory agency <\/span>delayed<\/span><\/a> a number of spot Bitcoin ETF applications\u2014including that of leading contender BlackRock.<\/span><\/p>\n

Butterfill explained to <\/span>Decrypt <\/span><\/i>that this week\u2019s rather low institutional flows \u201csuggest opinions are quite equally polarized among investors.\u201d He added, \u201cSome believe the delay from the SEC is bad news and selling, while others see the price weakness as a buying opportunity.\u201d<\/span><\/p>\n

Bitcoin currently trades at $25,853, <\/span>according<\/span><\/a> to Coingecko\u2014a trifling 1.1% drop on the week.\u00a0<\/span><\/p>\n

Today\u2019s CoinShares <\/span>report<\/span><\/a> indicated that large entities entered a seventh consecutive week of selling, totalling $342 million.\u00a0<\/span><\/p>\n

Despite this short-term downtrend, 2023 has remained green. As Butterfill writes, the year has been driven by both the hopes and concerns over crypto regulations, with entities scooping up $165 million worth of digital assets.\u00a0<\/span><\/p>\n

Bitcoin finally reversed direction, although the numbers aren\u2019t outstanding. After a <\/span>devastatingly negative<\/span><\/a> August, the largest cryptocurrency saw inflows worth of $3.8 million in the last week.<\/span><\/p>\n

Germany led the bears on the week, according to CoinShares, with $26.9 million in outflows, whereas its neighbor to the south, Switzerland, was a positive counterpart, marking $14.8 million worth of purchases. Other countries, such as the United States and <\/span>Canada<\/span><\/a>, posted negligible buying, with $1.9 million and $0.4 million respectively.<\/span><\/p>\n

The vast majority of altcoins also saw outflows, wrote Butterfill, with <\/span>Polygon<\/span><\/a> and <\/span>Ethereum<\/span><\/a> leading the pack at $8.6 million and $3.2 million, respectively.\u00a0<\/span><\/p>\n

As the summer doldrums dissipate, today\u2019s numbers might trigger traders and investors to look forward to a fourth quarter with slightly more movement.<\/span><\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Institutions are evenly split on crypto funds this week, according to the latest analysis from CoinShares. The firm’s latest report shows that the last seven days were marked by a meager $11.2 million in outflows,suggesting that neither bulls nor bears are in charge. Digging a bit deeper, however, the larger picture reveals more insight. Trading […]<\/p>\n","protected":false},"author":2,"featured_media":149930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-149929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149929"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149929\/revisions"}],"predecessor-version":[{"id":149936,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149929\/revisions\/149936"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149930"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}