The Crypto Market Rose Due to Dollar Weakness
Crypto News
Outflows from spot Bitcoin ETFs in the US over the past shortened week nearly offset the previous week’s inflows, reaching their highest level in almost 11 months. According to SoSoValue, net outflows from spot BTC ETFs amounted to $1.33 billion. Net weekly outflows from spot Ethereum ETFs in the US exceeded $611 million.
Bitcoin holders began to record net losses for the first time since October 2023, signalling the asset’s entry into an ‘early bear market.’ Bitcoin is now trading below the acquisition price of 75% of the total supply, signalling growing pressure from sellers, Glassnode notes.
The main reason for BTC’s weakness is large-scale sales by long-term holders, rather than concerns about quantum…
