Welcome to the Extreme Investor Network, where we provide you with the latest insights and updates on the stock market, trading, and all things Wall Street. Today, we dive into the world of cryptocurrency and discuss the recent trends and developments shaping the market.
As we navigate through the current landscape, it’s important to note that the calm we may be experiencing could be short-lived. We believe that consolidation above $67.1K in the crypto market could potentially pave the way for a bullish trend towards the $72-74K range. However, a reversal to the downside could lead to a swift pullback towards the $60K level.
Recent data from CoinShares reveals that investments in crypto funds have seen a decline of $206 million over the past week, following an outflow of $126 million in the previous week. Specifically, investments in Bitcoin have decreased by $192 million, Ethereum by $34 million, and Solana by $0.3 million.
In other crypto news, there has been a significant outflow of capital from the Grayscale fund, amounting to $450 million. This outflow was not fully offset by inflows into the two largest ETFs, totaling $259 million. It seems that investors’ interest in ETFs is waning, possibly due to the broader market pressure stemming from changing expectations for Fed policy and a strengthening dollar.
On the technical side, the average transaction fee in the Bitcoin network has seen a drop to $34.86 after hitting a record high of $128.45 on the day of the halving on April 20. The surge in transaction fees leading up to the halving was attributed to heightened user activity in anticipation of the Runes protocol launch, which coincided with the event.
Lastly, the Bitcoin Initiative group of supporters has taken a bold step by initiating a referendum to amend the Swiss constitution. Their goal is to compel the Swiss National Bank to include BTC as part of its reserves alongside gold. This move could potentially signal a significant shift in how traditional financial institutions view and interact with digital assets.
Stay tuned to Extreme Investor Network for more exclusive insights and analysis on the stock market, trading strategies, and the latest trends in the world of finance. Trust us to keep you informed and ahead of the curve in your investment journey.
