On August 19, 10x Research said in its latest analysis that cryptocurrencies still have the potential to generate profits, but the traditional buy-and-hold strategy is no longer effective.
As of August, the Bitcoin ETF flow record has reached its eighth month. August is set to be the second worst month to date, with outflows of $320 million, behind only $345 million in April. Although May and July saw strong inflows of $2.10 billion and $3.20 billion respectively, these inflows proved unsustainable.
ETF flows have failed to ignite bullish sentiment as bitcoin awaits a more important macroeconomic catalyst. Other segments of the crypto market are facing potential outflows of billions of dollars.
10X Research: Bitcoin spot ETFs have seen net outflows of $320 million so far in August, second only to April outflows
2024-08-19 04:31:59
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