A shame for Nvidia, a shame for Jensen Huang, and a shame for the #Bitcoin support level at 73,000!
So far, the butterfly effect has become clear. The “scandal” involving Jensen Huang has led to continued valuation adjustments in U.S. stocks, dampening risk appetite across markets. #BTC has been caught in the fallout, too, with ETF data showing another increase in outflows on Wednesday!
BTC ETFs had already seen net outflows ease on Tuesday. Unfortunately, Nvidia’s sharp share-price swings fueled greater volatility in tech stocks and hurt risk appetite, dragging BTC down with them. Institutional investors continued selling BTC, and this selling has persisted for about two weeks—clearly, this isn’t just short-term position turnover!
ETF net outflows totaled 299.8 million on Wednesday, an increase from Tuesday. IBIT alone saw net outflows of 269.7 million. Clearly, the first shot fired by the Democrats in their bid to control Congress was aimed at Nvidia, leaving the crypto market with a sense that “when the nest is destroyed, no eggs remain unbroken”!
As for crypto market data, flows in key stablecoins were also unfavorable, with net outflows of 600 million in a single day. USDT saw net outflows of about 100 million, while USDC outflows were around 340 million. Like ETF flows, the picture is not encouraging!
The data show that institutional and crypto-native funds are still in an overall net outflow phase. On the charts, this is particularly unfavorable for support around 73,000.
The current price has decisively broken below 73,000, and the hourly rebound has been weak. Next, the market will continue looking for support. Let’s first see what happens around 70,000!#Anthropic拒绝延期IPO，本周路演估值几何？
So far, the butterfly effect has become clear. The “scandal” involving Jensen Huang has led to continued valuation adjustments in U.S. stocks, dampening risk appetite across markets. #BTC has been caught in the fallout, too, with ETF data showing another increase in outflows on Wednesday!
BTC ETFs had already seen net outflows ease on Tuesday. Unfortunately, Nvidia’s sharp share-price swings fueled greater volatility in tech stocks and hurt risk appetite, dragging BTC down with them. Institutional investors continued selling BTC, and this selling has persisted for about two weeks—clearly, this isn’t just short-term position turnover!
ETF net outflows totaled 299.8 million on Wednesday, an increase from Tuesday. IBIT alone saw net outflows of 269.7 million. Clearly, the first shot fired by the Democrats in their bid to control Congress was aimed at Nvidia, leaving the crypto market with a sense that “when the nest is destroyed, no eggs remain unbroken”!
As for crypto market data, flows in key stablecoins were also unfavorable, with net outflows of 600 million in a single day. USDT saw net outflows of about 100 million, while USDC outflows were around 340 million. Like ETF flows, the picture is not encouraging!
The data show that institutional and crypto-native funds are still in an overall net outflow phase. On the charts, this is particularly unfavorable for support around 73,000.
The current price has decisively broken below 73,000, and the hourly rebound has been weak. Next, the market will continue looking for support. Let’s first see what happens around 70,000!#Anthropic拒绝延期IPO，本周路演估值几何？
