Bitcoin & Crypto Slip Amid 'Signs of Exhaustion,' BTC & ETH See Investment Inflows Again

cryptonews.com:

The crypto market saw declines across the board over the past 24 hours, as bitcoin (BTC) ended the week below a key technical level and market participants appeared uncertain about the near-term direction.

As usual, the crypto sell-off was accompanied by liquidations of leveraged derivatives traders, with long liquidations of leveraged bitcoin positions reaching USD 12.7m in the four hours from midnight to 4 am UTC on Monday.

Still, the level of liquidations was not out of the ordinary, with a sell-off as recently as last Friday leading to even larger liquidations.

Meanwhile, fresh data from the crypto investment and research firm CoinShares on Monday showed that crypto-backed investment funds once again saw inflows last week. In total, the week ended with inflows of USD 30m, with USD 19m of those flowing into BTC-backed funds.

Following bitcoin, the second-most popular cryptoasset among fund investors last week was ethereum (ETH), with USD 8.1m of inflows. The multi-asset fund category was the only category that saw outflows last week, with USD 2.3m pulled out.

Notably, the latest data release from CoinShares also included a correction of the numbers from the prior week, when USD 12m of inflows was reported overall for the sector. After accounting for late reporting of trades, that number has been adjusted to USD 343m – the largest weekly inflows seen in crypto investment funds since November 2021.

The inflows came despite bitcoin ending last week below the key 200-week moving average line. The line - by many considered a key technical level that BTC has never traded below for any prolonged period of time - is currently at USD 22,786, with the bitcoin price trading below it since Sunday night in Europe.

BTC weekly chart with