The first week ended with the biggest one-week outflow since mid-January at around $134 million. Average weekly outflows for April stood at $79.5 million, with most of it coming from Bitcoin products. Which could suggest continued pessimism according to analysts at the firm.
In contrast, the movement of the ETH token seems to be like a roller coaster that cannot decide if it wants to go uphill or downhill. In fact, according to data in the latest Bankless report, Ethereum revenue increased from $1.6 billion to $2.4 billion. Which represents an increase of 46% in the first quarter of 2022.
In fact, the report further stated that ETH staked increased by 111% from 5.2 million to 10.9 million. The bullish report is in line with what many proponents have been claiming for Ethereum.
Given these scenarios, and the bearish sentiment in which the cryptocurrency and stock market finds itself, several commentators, experts and analysts have taken to their official Twitter accounts to talk and debate about it. Highlighting that gold, platinum and Chinese stocks had also fallen. This is how economist Lyn Aden summed it up.
Thus, the S&P 500 ended Friday with a decrease of 3.6% and the Nasdaq 100, 4.5%. Hong Kong’s Hang Seng, by contrast, gained 4% overall. For his part, Willy Woo commented in a tweet thread that: “Investors already see BTC as a safe haven, it will take time for the price to reflect. Wait for futures sales to run out of ammo.”
For their part, analysts at Glassnode claim that BTC’s weakness is exacerbated by the exit of institutional investors from futures markets. But on-chain data hints that Bitcoin is in an early bottoming process.
According to a recent report by on-chain intelligence firm Glassnode, Bitcoin derivatives “now represent the dominant venue for price discovery” with “futures trading volume currently representing multiples of spot market volume.”
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
