In this environment, bitcoin hasn’t been able to break out in any meaningful way beyond the highs it came into the year with.
“Right now, the market is basically stuck in a range for the most part,” said Dan Gunsberg, co-founder of Hxro Network.
Money has been flowing out of the sector amid the malaise. Investors yanked roughly $120m from crypto products last week, bringing total outflows over the past four weeks to $339 million, according to data tracked by fund provider CoinShares. Bitcoin last week accounted for the majority of the flows in what was its largest single week of outflows since June 2021.
Elsewhere, data from CoinGecko shows that the price of apecoin, the native crypto token of Yuga Labs’ APE ecosystem, rallied 17% intraday on Wednesday after Elon Musk changed his Twitter display picture to that of a collage of Bored Apes.
Yuga Labs, creators of the Bored Ape Yacht Club collection of NFTs, had recently auctioned virtual land on Otherside, its metaverse project. The sale netted Yuga $320m but also led to huge congestion and high transaction fees on the ethereum network over the past weekend.
The token price of apecoin fell from its Sunday highs of $22 to $14.50 per token on Wednesday before jumping to $17.16 after the Tesla CEO changed his profile picture.
Bloomberg. More stories like this are available on bloomberg.com