Sunday, December 10, 2023

Weekend outflows led Bitcoin’s decline to $17,000 mark.

The outflows last weekend were likely responsible for Bitcoin’s decline to the $17,000 mark, says CoinShares report. There was a record of $423 million in outflows from crypto assets.

James Butterfill, a crypto analyst, said the outflows were focused on Bitcoin totaling USD 453 million. He pointed out that the outflows occurred on June 17 but were reflected in last week’s figures because of trade reporting lags. But short-Bitcoin registered inflows totaling USD 15 million. This can be attributed to the launch of the first US-based short investment product last week.

The Bitcoin market, in the past week, slipped under the $20,000 level twice. Sam Bankman-Fried, the CEO at FTX, believes the Federal Reserve’s decision to aggressively increase interest rates led to the market crash. Whatever the market conditions may be, several crypto bosses expressed optimism about the results of a market downturn. Charlie Silver, the founder of, said there are hundreds of firms that are built on hype and “not substance”. He shared that it would be good for the healthy growth of the industry to have them go away.

Silver believes bear markets are healthy as it resets valuations to reality and flushes out the bad actors. He explained many cryptos are true Ponzi schemes that pay investors only with new investor money. The project falls apart when the new money dries up.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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