The cryptocurrency markets turned red again: Bitcoin dipped below $ 33,000 for the first time since May 23, while Ether similarly slipped below the $ 2,500 support.
Well-known analyst William Clement II reported on Twitter that in the last week the miners have sold over 5,000 BTC, worth approximately $ 164 million at current prices:
“In the past week, miners have sold over 5,000 BTC.”
Analyst Timothy Peterson further pointed out that BTC’s price has remained below its 200-day Simple Moving Average (SMA) for 17 consecutive days:
“The price of Bitcoin has been below the 200-SMA for 17 consecutive days and beyond. This parameter has ALWAYS marked the end of the bull run and the beginning of the bear market.”
Although the markets experienced a slight intraday bounce, with BTC above $ 33,000 after hitting a low of $ 32,400 and ETH of $ 2,520 after a low of around $ 2,430, both cryptocurrencies have lost around 15% from their previous highs. $ 39,600 and $ 2,900 as of June 3.
While both Ether and Bitcoin have lost value in recent weeks, capital flows for crypto investment products suggest a greater institutional interest in ETH. According to a recent report by CoinShares, Bitcoin investment products saw a record $ 141 billion outflow, while Ether products saw an inflow of $ 22 million.