The overall performance of the cryptocurrency market this year has been weak, with Bitcoin consolidating around $40,000, and investors’ enthusiasm for currency speculation has cooled. According to the latest statistics, cryptocurrency investment products and funds saw a net outflow of funds for the second week in a row last week.
According to Reuters, data from digital asset management company CoinShares on the 21st showed that digital asset investment products had a total outflow of $47 million in the week ended March 18, a net outflow for two consecutive weeks and a previous seven consecutive weeks of net inflow. Bitcoin investment products saw outflows of $32.8 million, and a massive blood loss of $101 million in the past two weeks, but there has been a net inflow since the beginning of the year, with a cumulative net inflow of $64 million.
Digital asset investment products suffered capital outflows last week, mainly due to regulatory messages from governments around cryptocurrencies. On the 9th, US President Joe Biden signed an executive order requiring major agencies to assess the benefits and risks of issuing central bank digital dollars, as well as other cryptocurrency-related issues.
Mikkel Morch, executive director of digital asset hedge fund ARK36, said that the recent pullback in bitcoin prices should not be seen as a negative reaction to specific geopolitical or market movements. As long as the price remains above $40,000, the market outlook is in good shape. .
According to CoinDesk quotations, in mid-November 2021, Bitcoin hit a record high of $68,990.90, and as of 1:30 pm on March 22, Taipei time, the price fell back to $42,868.98, down 7.28% since the beginning of the year.