Bitcoin (BTC) has largely stayed above $80,000 since March 11, indicating that the bulls are not waiting for a deeper correction to buy. However, the failure to propel the price above $86,000 shows that the bears have not given up and continue to sell on rallies.
CoinShares’ weekly report shows that cryptocurrency exchange-traded products (ETPs) witnessed $1.7 billion in outflows last week. That takes the total five-week outflows to $6.4 billion. Additionally, the streak of outflows has reached 17 days, marking the longest negative streak since CoinShares records began in 2015.
Daily cryptocurrency market performance. Source: Coin360
It’s not all gloom and doom for the long-term investors. CryptoQuant contributor ShayanBTC said that investors who purchased Bitcoin between three and six months ago are showing an accumulation pattern. Historically, similar behavior has “played a