Bitcoin (BTC) and Ethereum (ETH) opened the week lower as investors continue to take profits after a calm weekend where Bitcoin traded mostly sideways.
Bitcoin returned to the bottom edge of last month’s trading range after hitting a new high last week.
The market recorded significant long positions liquidations and could continue to see some downside risks.
At the same time, reduced ETF flows left the market without significant support. Bitcoin ETFs recorded outflows of USD 14.1 million, while Ethereum ETFs saw USD 59.3 million leave, weighing on short-term sentiment.
A return of stronger ETF inflows could help BTC and ETH prices stabilize.
Over the longer term, the market could continue to see corporate crypto treasury firms supporting the market. Tokyo-listed Metaplanet added 775 BTC to its reserves, equivalent to USD 93 million. In the meantime, traders’ focus on the Jackson Hole Economic Symposium, which could offer near-term guidance on monetary policy and could impact the market’s direction.
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