The cryptocurrency market has been experiencing notable fluctuations, particularly in the run-up to the US markets opening on Monday. Bitcoin and Ethereum, two of the most significant players in the crypto space, have seen some of their largest outflows recorded to date last week, raising concerns among investors and market analysts alike.
Over the past 24 hours, Bitcoin has slipped approximately 1.1%, now trading at around $96,013. Meanwhile, Ethereum (ETH) has also seen a decline, dropping by more than 1.1% to a trading value of $3,336. In light of these developments, the global cryptocurrency market cap has taken a hit, now down 1% to stand at $3.32 trillion. Furthermore, the CoinDesk Market Index, which serves as a benchmark for various digital assets, has similarly witnessed a decline of over 1.1% in the last 24-hour period.
Importantly, US-traded spot-price crypto exchange-traded funds (ETFs) have experienced some of the most significant outflows since their inception in January, with 11 Bitcoin funds collectively reporting nearly $277 million in net redemptions on last Friday. Data gathered from research platform SoSoValue highlights that just a day prior, investors withdrew an astonishing $680 million from these funds, marking the end of a 15-day sequence of inflows that had buoyed the market. Looking ahead, economic data for the upcoming two weeks appears to be scarce, particularly as US markets will be closing early on Tuesday in observance of the Christmas holiday on Wednesday.
This Monday, investors will keenly await the Conference Board's consumer confidence indicator, with attention also directed towards the impending release of data regarding durable goods and new home sales prior to Tuesday’s market close..