Bitcoin
A$ 80,948
WINkLink
A$ 0.0008437
Ethereum
A$ 5,624.2

Institutional Demand for Bitcoin and Ethereum Runs Out of Steam  

Research by crypto analytics firm Glassnode has revealed that institutional demand remains slow as the Bitcoin market continues to fight for support while mining selling pressure increases.

The report stated that one of the largest factors in the institutional narrative has been the one-way flow of crypto assets into Grayscale’s GBTC trust fund. Traders sought to arbitrage the high premium observed in 2020 and early 2021, it added.

#Bitcoin has held onto support this week, absorbing yet another capitulation, and likely sell-side pressure from miners

We analyse
– A second on-chain capitulation
– Balance of miner revenue + selling
– Institutional demand

Read more in The Week On-chainhttps://t.co/fK3SA55jjv

— glassnode (@glassnode) June 28, 2021

It continued to report that since February, the GBTC product has reversed to trade at a persistent discount to net asset value (NAV) It dropped to the deepest discount of -21.23% in mid-May. This discount has continued to close up following the market selloff and is currently around -5%.

Glassnode also observed outflows from two large Canadian BTC funds and a flattened net change in coin balances held on Coinbase, concluding:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

ETH Outflows Hit Record Highs

In a related report by institutional asset manager CoinShares, it was reported that Bitcoin outflows had actually slowed down over the past week.

Total Bitcoin outflows across all funds had slowed to just $1.3 million, down from $89 million for the previous week. Some funds, such as Grayscale, actually saw minor inflows of BTC suggesting mixed sentiment for Bitcoin amongst investors, the report noted.

The fund manager’s total AUM is currently $30 billion, of which 74% or $22.4 billion is in its Bitcoin trust product.

06/28/21 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.

Total AUM: $30.1 billion$BTC $BCH $ETH $ETC $ZEN $LTC $XLM $ZEC $BAT $LINK $MANA $FIL $LPT pic.twitter.com/8pDtdMYuTk

— Grayscale (@Grayscale) June 28, 2021

CoinShares also revealed that Ethereum outflows for the week had hit a record $50 million, up from the $1.9 million that exited ETH-based investment products the previous week.

The massive market downturn, which began in mid-May and has knocked 43.5% off the total market cap, has resulted in major outflows from all digital asset investment products. A fourth consecutive week of outflows totaled $44 million exiting the space.

Bitcoin, ETH Price Outlook

At the time of press, Bitcoin was trading up marginally on the day at $34,750 according to CoinGecko. It had bounced off $30K support at the weekend turning analysts bullish again but has failed to make any significant progress above current levels.

Ethereum is doing much better today with a 7% increase to hit $2,115 at the time of writing.

Related Posts

Leave a Reply

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Donate To Cryptonic Australia


Donate BTC: 1MPYuHUKm3AhNivMSngqLnoEbpNEecHeEK
Donate Doge: DDYybw7H8zx8EYU74JrGW8WwmYh9AGuyMC
Donate WinK: TDiXutqKE3P17LpZMQh3SDBCGSkAC6iEjB




Bitcoin-cli responding but not curl
October 27, 2021
Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy
October 27, 2021
Why Bitcoin May Right Decrease Under $60K In Close to-Time period
October 27, 2021




Bitcoin-cli responding but not curl
October 27, 2021
Bitcoin Mining Vs. The World: BTC Leads Sustainable Energy
October 27, 2021
Why Bitcoin May Right Decrease Under $60K In Close to-Time period
October 27, 2021


CryptoCurrencyAUDChange 1hChange 24hChange 7d
Bitcoin80,948 0.01 % 3.36 % 5.66 %
Ethereum5,624.2 0.58 % 0.25 % 8.87 %
Binance Coin641.74 0.23 % 1.17 % 1.23 %
Tether1.330 0.09 % 0.03 % 0.05 %
Cardano2.850 0.53 % 2.28 % 1.15 %
Solana269.18 0.47 % 3.15 % 29.43 %
XRP1.480 0.79 % 0.67 % 1.56 %
Polkadot59.64 0.09 % 1.56 % 8.26 %
Dogecoin0.3459 0.26 % 1.97 % 5.49 %
USD Coin1.330 0.53 % 0.42 % 0.01 %

Recent Comments

Allison wick

I was a victim of WDC Markets investment scam some months ago myself. It was...

Greatness

he is the best when it comes to recovery, he helped recover my funds without...

URL

... [Trackback] [...] There you will find 63491 more Infos: cryptonic.com.au/evaluation-suggests-bitcoin-robust-palms-are-shopping-for-this-dip/ [...]