Bitcoin and Ethereum camp go haywire as on-chain metrics reveal…

ambcrypto.com:

Bitcoin and Ethereum started off the week with modest price rises, with the king coin trading at $30,424.97 while the top alt was changing hands at $2,077.09. That being said, prices are only half the story. Both BTC and ETH have seen dramatic movements in the past week, and there’s a lot to unpack.

CoinShares’ latest weekly flows report from 16 May revealed: “record weekly inflows for this year” with Bitcoin bearing most of it. However, while BTC saw inflows of around $299 million, ETH saw outflows of close to $27 million.

About Bitcoin, the report suggested that investors were looking for safety and security. Meanwhile, the report observed,

“Ethereum continued to see outflows totalling US$27m last week, this has been a steady trickle out this year with outflows now reaching US$236m, representing a substantial 2.6% of total AuM.”

Data from Glassnode revealed that BTC’s NVT signal reached a four-year low. Why does this matter? The NVT metric shines a light on how investors are valuing an asset. The lower it goes, the closer we are to a market bottom. Adding to that, many investors probably have dip buying on their minds.