Ether Rallies Following the Weekend Dip After Four Consecutive Weeks of Outflows
The price of Ether is back on the rise after this weekend’s drop to $1,717, near last week’s low of $1,700, a level last seen on March 29th.
Amidst this jump in prices, CNBC’s Jim Cramer said on Monday that he recently added to his Ether holdings after trimming it in early May.
“I went back into Ethereum because bitcoin held [$30,000],” said Cramer.
“I like ethereum because people actually use it much more to be able to buy things. I’m going to continue to buy ethereum. I just think it’s got a little more game because when you go buy an NFT, anything like that, everybody wants ethereum. It’s more of a currency.”
The “Mad Money” host said last week that he would buy Bitcoin again if it drops to the $10k level after selling almost all of his BTC because he was worried about China’s crackdown on crypto trading and mining. During the recent dip, Bitcoin’s price only fell to about $29,000 and is currently trading above $35,500. BTC -3.32% Bitcoin / USD BTCUSD $ 38,876.73
-$1,290.71-3.32% Volume 26.85 b Change -$1,290.71 Open $38,876.73 Circulating 18.77 m Market Cap 729.76 b 16 h “Innovative New Products” like Bitcoin Mini-Futures Leads to an Increase in CME Profits 18 h Crypto Lender BlockFi Sees Stay Of Execution In Ongoing BIA Saga 19 h Altcoins, Not Bitcoin, Drives the Latest 'Massive' Surge in Crypto Adoption: Report
Shift in Sentiments
While this week, investors and traders are buying this dip, last week, Ether investment products and funds posted record outflows.
Data showed that institutional investors sold $50 million from investment products and funds on Ether, experiencing outflows for a fourth consecutive week.
Bitcoin products and funds, meanwhile, had a seventh straight week of outflows, totaling $1.3 million. For the year, bitcoin outflows hit about $490 million.
“We expect bitcoin consolidation to continue for the next few weeks until a decisive move takes place,” said Pankaj Balani, CEO at crypto derivatives exchange Delta Exchange.
Overall, crypto investment products had their fourth consecutive week of outflows, totaling $44 million. This negative sentiment has been going on since mid-May, with net weekly outlaws hitting $313 million, 0.8% of total assets under management.
Crypto assets under management (AUM) also declined in the latest week to about $38 billion, down from $65 billion at the end of April. This week, however, may bring a change of sentiments and flows.