Contrary to expectations of analysts who have warned that Bitcoin (BTC) could drop to $38,000 before the final breakout, CoinShare and Coinshares explained. (Arkan Research) that the situation could turn upside down.
Bitcoin's major benchmarks are not painting a pretty picture, but bearish sentiment toward the world's largest and most popular cryptocurrency may fade soon, the report said, according to Coin Telegraph.
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Bitcoin outflows from institutions have been negative for four of the past five weeks, totaling $55 million. Total assets under management fell to a three-month low of $35 billion in the middle of last week.
Coinshares results show that major investors in the Bitcoin ecosystem; Those who use companies like Grayscale, Queens XPT, Proshares, and ETC Group reduce their exposure to digital assets.
Investors' actions are exacerbated by a two-month high fear and greed index, as spot Bitcoin buying volume hits a six-month low.
If the Fear & Greed Index enters the third consecutive month of intense fear, this will be the second time this scale has done so.
According to Arkan Research, the seven-day average real Bitcoin trading volume is $3.4 billion, the lowest number since July 2021, and mentioned as the lowest level for a bear market. The small that occurred from May to July 2021.
Investors and industry followers will remember that after that moment, from August to October 2021, Bitcoin's price inflated by more than 60% backed by strong institutional investment.
It is worth noting that the bitcoin price witnessed an increase in early trading today, Thursday, by about 1.71%, to reach the level of 41,950 thousand dollars.
