Fundamental Development:-
Institutional crypto asset products saw record weekly outflows of $423M
Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage. According to the latest edition of Coin Shares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24.The total outflows for the week were partially offset by $70 million worth of inflows from other countries, with United States-based investors accounting for more than half of the inflows with $41 million. Outside of the U.S., investors from Germany and Switzerland accounted for inflows totaling $11 million and $10.4 million apiece. In comparison, Brazilians and Australians also pitched in with minor inflows of $1.6 million and $1.4 million. Overall the outflows totaled $422.8 million, marking the largest weekly shedding by institutional investors since Coin Shares records began. Notably, the figure is more than double the previous record of $198 million posted in January this year:
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,850-$20,950 ranges.BTC is made low 20,470 and now consolidating within a range. Yesterday it made high near $21,510 and then it continue to Decline. Bitcoin is struggling to gain momentum above $21,000.
Alternative Scenario: If Bitcoin fails to clear the $21,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,900 level.
Institutional crypto asset products saw record weekly outflows of $423M
Digital asset investment products saw record outflows totaling $423 million last week, with institutional investors from Canada representing nearly all of the carnage. According to the latest edition of Coin Shares’ weekly “Digital Asset Fund Flows” report, Canadian investors offloaded a whopping $487.5 worth of digital asset products between June 20 and June 24.The total outflows for the week were partially offset by $70 million worth of inflows from other countries, with United States-based investors accounting for more than half of the inflows with $41 million. Outside of the U.S., investors from Germany and Switzerland accounted for inflows totaling $11 million and $10.4 million apiece. In comparison, Brazilians and Australians also pitched in with minor inflows of $1.6 million and $1.4 million. Overall the outflows totaled $422.8 million, marking the largest weekly shedding by institutional investors since Coin Shares records began. Notably, the figure is more than double the previous record of $198 million posted in January this year:
Short Term Technical View: On daily time frame BTC is trading below 200&50 simple moving averages and trading between $20,850-$20,950 ranges.BTC is made low 20,470 and now consolidating within a range. Yesterday it made high near $21,510 and then it continue to Decline. Bitcoin is struggling to gain momentum above $21,000.
Alternative Scenario: If Bitcoin fails to clear the $21,500 resistance zone, it could start another decline. An immediate support on the downside is near the $19,900 level.