bitcoin It has been in a downtrend for the last 6 weeks. As BTC starts the 7th week with sellers, some investors continue to take positions to evaluate the decline.
In a recent blog post, analyst James Butterfill shared data showing new entries into Bitcoin funds following the weakness in price.
Accordingly, some fund investors seem to have considered the withdrawal in Bitcoin as an opportunity.
$40 Million Input
According to Coinshares data, after 4 weeks of exit, a total of $ 40 million was entered into crypto money funds last week.
While Bitcoin led the way with an inflow of $ 45 million, the outflows in altcoins drew attention.
Exits Continue in Ethereum
EthereumWith the continued negative feeling about , there was an outflow of 12.5 million dollars from the funds.
Second largest entry with $1.9 million witherhappened to . No significant entry was seen in other products.
While the $45 million entry may seem like a modest figure when we look at previous movements, it shows that investors are expecting that we can be near the bottom.
Analyst James Butterfill interpreted the data as follows;
“Digital asset investment products saw a total inflow of $40 million last week. What is interesting is that we did not see a significant increase in trading activity despite the extreme price weakness. Therefore, it is too early to say that we have come to the end of 4 weeks of negative sentiment.”