Bitcoin funds lost more than $411 million Friday and $1.2 billion this month as crypto sentiment weakened. Fidelity added $42.8 million, but that was much smaller than the withdrawals, so the report points to pressure on Bitcoin.
Heavy withdrawals show investors are taking money out of Bitcoin funds, and the falling fear reading points to weaker interest in crypto. Fidelity did attract money, but its gain was much smaller than the total withdrawals. Political changes may also lower the chance of the CLARITY Act passing, and investors now expect a possible rate increase in December. Together, these facts point to pressure on Bitcoin.
Ethereum funds lost $93 million Friday and $365 million this month, after $1.6 billion left last month. Continued withdrawals and weaker crypto sentiment point to pressure on Ethereum.
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