10x Research: Since August, Bitcoin spot ETFs have seen a net outflow of $320 million, second only to the outflow in April
10x Research stated in its latest analysis that cryptocurrencies still have profit potential, but traditional buy-and-hold strategies no longer work. As of August, the flow record for Bitcoin ETFs has reached the eighth month. August will be the second worst month so far, with an outflow of $320 million, only less than $345 million in April. Despite strong inflows of $2.1 billion and $3.2 billion in May and July respectively, it turns out these inflows are unsustainable. As Bitcoin is waiting for a more important macroeconomic catalyst, ETF flows failed to ignite bullish sentiment. Other segments of the crypto market are facing potential outflows of billions of dollars.
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