Crypto markets are experiencing a period of subdued activity, with summer months typically seeing a slowdown in fund movement. This trend is evident in Bitcoin’s price action, which has been impacted by the ongoing outflow from Bitcoin spot ETFs. 💰
Fund outflows are currently on track to exceed $1.2 billion in August, marking the fifth consecutive month of such withdrawals. This substantial shift signifies a potential turning point for investor sentiment and market direction.
Despite some optimism observed last July, caution has returned to the forefront this August. While US Federal Reserve Chair Jerome Powell’s statements suggesting a potential rate cut initially offered a positive response, declining liquidity and persistent fund outflows are limiting Bitcoin’s price growth. 📈
While experts anticipate that market conditions could offer support for Bitcoin in the medium term, they caution investors to exercise caution given the current market volatility and ongoing ETF outflows.
*This is not investment advice.*
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