U.Today – The cryptocurrency market has been bearish all last week. The total market capitalization, according to CMC, now stands at $2.04 trillion after a 0.39% drop in the past day. The community is concerned as the market capitalization is now one step closer to falling below the prestigious $2 trillion mark.
(BTC), the largest cryptocurrency in the market by market cap, has been struggling during this time. It is currently trading at $58,420 after a miniature 0.77% raise in the last 24 hours. It is down 9.41% in the past month as it failed to clear further resistance levels. Bulls are struggling to beat the market as bears control the narrative.
The BTC price has remained around $58,000. While it managed to break above $63,000 in mid-August, an extended period of consolidation seems to be taking over this brief rally. The coin has also been under selling pressure in the recent past, and even Bitcoin-based investment products have struggled.
Massive outflows of funds from digital asset investment products
According to CoinShares research, cryptocurrency-based investment products have seen significant outflows of $305 million over the past seven days. The market has seen broader bearish sentiment following the release of stronger-than-expected economic data from the United States. The data ended the chances of an interest rate cut in the near future. Bitcoin products have been hit strenuous by this negative market sentiment.
Bitcoin outflows totaled around $319 million, further spreading the negative sentiment among traders and institutions. On the other hand, (ETH) also saw outflows of $5.7 million, ending the hype surrounding the recent launch of Ethereum spot ETFs. Overall, investors are sitting on the sidelines as the market remains bearish.
