Based on Bitcoinist, Bitcoin and Ethereum prices are declining amid sustained selling pressure from crypto ETFs. BlackRock deposited large amounts of BTC and ETH into Coinbase for potential sale, contributing to a $330 million net outflow for BTC ETFs and $11 million for ETH ETFs this week. A CryptoQuant analysis also suggests the market may be transitioning into a bear phase, with the Bitcoin Combined Market Index (BCMI) below equilibrium but not yet at historical bottom levels.
Bitcoin and Ethereum Prices Drop Amid ETF Outflows and Bear Market Signals
BitcoinistShare
Summary
Bitcoin and Ethereum prices fell as ETF outflows and bear market signals grew. BlackRock moved $330 million in BTC and $11 million in ETH to Coinbase for possible sales. A CryptoQuant report shows the Bitcoin Combined Market Index is below balance, with the fear and greed index pointing to caution. Bitcoin analysis indicates a possible shift, though not yet at historical lows.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.