The sentiment surrounding top cryptocurrency assets continues to lean towards negativity, a trend that has persisted since the Bitcoin halving on April 19th failed to immediately spur market growth across the crypto sector.
With uncertainty prevailing, the departure of small wallets from the market may serve as the catalyst needed for Bitcoin and various altcoins to undergo gradual recoveries leading up to the summer months.
😒 The sentiment toward #crypto‘s top cap assets is still rather negative. This has been the case since the April 19th $BTC #halving didn’t immediately result in rising market caps throughout #cryptocurrency. With uncertainty high, small wallets dropping out of the sector may be… pic.twitter.com/7FXYheGnX0
— Santiment (@santimentfeed) May 9, 2024
Following Bitcoin’s all-time high (ATH) of $73k, prices have undergone a correction of -20.3%, marking the deepest correction on a closing basis since the lows observed on the FTX exchange in November 2022.
Despite this correction, the macro uptrend in the cryptocurrency market remains notably resilient, with corrections thus far being relatively shallow compared to historical trends.
Measured from the $73k ATH, #Bitcoin prices corrected by -20.3%, which is the deepest correction on a closing basis since the FTX lows in Nov-2022.
That said, this macro uptrend still appears to be one of the more resilient in history, with comparatively shallow corrections… pic.twitter.com/8WvCOGBV2R
— glassnode (@glassnode) May 9, 2024
Bitcoin ETF Net Inflow Turns Negative Again
The latest data on Bitcoin exchange-traded fund (ETF) net inflows for May 9, 2024, indicates a sum of -$11.3M. Notably, Grayscale’s ETF, $GBTC, recorded an outflow of $43.4M, highlighting ongoing selling pressure in the market.
While six out of ten US Bitcoin ETFs experienced single-day inflows, led by BlackRock’s ETF $IBIT with $14.2M, the overall inflow volume remained modest and failed to offset the outflows from Grayscale’s ETF.
🚨 $BTC #ETF Net Inflow May 9, 2024: -$11.3M!
• #Grayscale ETF $GBTC experienced an outflow of $43.4M again.
• While 6 of 10 US Bitcoin EFTs had single-day inflows, led by #BlackRock ETF $IBIT with $14.2M, the overall inflow volume remained small and could not outweigh… pic.twitter.com/38ZvS0fcD6
— Spot On Chain (@spotonchain) May 10, 2024
Despite the prevailing negative sentiment, there are signs of resilience within the cryptocurrency market, with investors closely monitoring developments for potential market shifts.
As market participants navigate through uncertain times, the departure of smaller wallets from the sector could potentially pave the way for renewed market optimism and gradual price recoveries across various cryptocurrencies in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Read More: Crypto Market Sentiment Remains Bearish Despite Resilient Trends – NullTX
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