The post Are we back? Taking stock after last weekend’s crypto market turmoil appeared on BitcoinEthereumNews.com.

Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter. Temp check  This week has lasted years — and it feels like we’ve gone through a few different cycles.  But alas, we’re still in the same one and last weekend is becoming just another blip on the radar. According to CoinGecko, the global crypto market is up 5% in the last day to $2.2 trillion. Bitcoin remains pretty correlated with the equity markets, which are also shrugging off last weekend’s selloff so far. To be fair, the correlation isn’t new, and we’ll probably continue to see it until the election, GSR co-CEO Rich Rosenblum tells me.  Ledn’s John Glover said earlier this week that “when shit hits the fan, all correlations go to one,” which essentially means that this trend may be here for a while as bitcoin reacts like a risk asset. It’s fairly safe to say, given the action not only this week but throughout the last year, that bitcoin isn’t reacting like it should if it were really digital gold, so perhaps we can (finally) drop that discussion. Now that we can look back at the data to better digest what happened, JPMorgan analysts noted that there was some retail action clearly present earlier this week. “Retail investors appear to have also played a role in the correction as spot bitcoin ETFs saw so far in August their largest monthly outflow since inception,” the analysts wrote.  But, while bitcoin ETFs were experiencing negative flows, the ETH ETFs saw multiple days of inflows — $48 million and $98 million on Monday and Tuesday of this week.   Source: Farside Notably, those flows turned negative as we wrap up the week. Meanwhile, Farside data shows inflows to the bitcoin ETFs…

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Filed under: News - @ August 9, 2024 3:12 pm