Bitcoin ETFs experienced significant volatility last week, culminating in a notable outflow of $277.50 million on Thursday and $145.65 million on Friday, despite strong inflows earlier in the week totaling over $1 billion. This shift occurred as investors prepared for the US April Non-Farm Payrolls report, with expectations of a cooling labor market contributing to market caution. The mixed signals from employment data, including a stronger-than-expected ADP report, added uncertainty to the outlook.
Bitcoin’s price dipped below $80,000, raising concerns about potential cascading liquidations if it breaches the critical support level around $78,000. Meanwhile, Ether ETFs rebounded with $70.49 million in net inflows, recovering from the previous week’s outflows. This fluctuation reflects ongoing investor sentiment and market dynamics in the cryptocurrency space.
For market professionals, the key takeaway is the heightened sensitivity of Bitcoin and Ether to macroeconomic indicators and geopolitical developments, underscoring the need for vigilant monitoring of both employment data and price support levels.
Source: cointelegraph.com