In the midst of what can only be described as a most disagreeable trend, the cryptocurrency exchange-traded products (ETPs) have suffered a most trying time. For five consecutive weeks, the market has seen an exodus of investors, each week more alarming than the last.
According to a report by CoinShares, no less than $1.7 billion was withdrawn from crypto ETPs last week alone, bringing the grand total of outflows to a most astonishing sum of $6.4 billion. It is quite the spectacle to see Bitcoin ETPs leading the charge in this retreat, accounting for $5.4 billion of the missing funds.
One might have hoped for a respite, but alas, the selling pressure has only intensified. The current spate of outflows has stretched for 17 trading days, a duration that has not been seen since the days of yore in 2015. BTC ETPs have been the most adversely affected, with a rather dramatic outflow of $978 million between March 10 and March 14.
As for the rest of the cryptocurrency family, Ether ETPs saw a withdrawal of $175 million, while Solana-based products endured a mere $2.2 million in redemptions. In a curious twist, XRP ETPs have shown a spot of resistance, attracting a modest $1.8 million in fresh investments. How very unpredictable these digital coins can be!
Yet, in the grand scheme of things, crypto ETPs have not entirely lost their luster. The year-to-date inflows remain in the black at $912 million, with Bitcoin contributing a more modest $612 million to the tally.
One cannot help but wonder, is the crypto bull market’s vitality waning? Analysts at QCP Capital in Singapore suggest that the macroeconomic stage is a significant player in this drama. The recent US CPI data provided a brief respite, but with inflation and tariffs looming, the Federal Reserve shows no sign of softening its stance.
In such tumultuous times, volatility reigns supreme, and investors are on tenterhooks, eagerly awaiting any indication of future interest rate movements. The policy landscape under President Trump is as unpredictable as ever, keeping all on edge.
But fear not, for Bitcoin’s stochastic RSI has presented a most encouraging sign—a bullish cross, no less! A pattern that has historically heralded robust price recoveries. Could this be the dawn of a new era for Bitcoin? Only time will tell.
HISTORY DOESN’T LIE: BITCOIN IS ABOUT TO SEND!
The Stoch RSI bullish cross just flashed! Every time this happens, $BTC pumps an average of 56%!
$120K IS JUST THE START!
— Merlijn The Trader (@MerlijnTrader) March 17, 2025
If history is indeed our guide, we may soon witness Bitcoin soaring to new heights, perhaps even breaching the $120,000 mark by mid-year. Institutional investors, it seems, are already placing their bets on a rebound, with global crypto hedge funds increasing their Bitcoin exposure. The rolling 20-day beta to BTC has reached a four-month high, a most promising sign indeed.
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2025-03-17 21:56