According to the Wisdom Finance APP, since March, the price of Bitcoin has fallen by about 13%, which is in sharp contrast to the 67% and 57% increase in the previous two quarters. Bitcoin reached a record high of $73,798 on March 14th, and was about $61,000 at the end of the second quarter. Product structure, 10-30 billion yuan products operating income of 401/1288/60 million yuan respectively.
Does the poor performance of momentum trading like Bitcoin with the prospect of high interest rates looming over the financial markets indicate a gloomier outlook for risk appetite?
Austin Reid, FalconX's global revenue and business director, said, "Many people's concerns in the market are mainly based on macroeconomic prospects. Therefore, I think the cryptocurrency market reflects some short-term uncertainty, as we see in other asset classes."
The slowdown in demand for approved US Bitcoin ETFs may be one of the best measures of waning investor interest. These ETFs were approved by the US Securities and Exchange Commission in January.
According to data compiled by CoinShares, investors poured about $2.6 billion into Bitcoin funds in the second quarter, compared with about $13 billion in the first three months of this year.
Matthew O'Neill, co-head of research at Financial Technology Partners: "The launch of these ETFs caused excitement, but after the rise, there was a natural adjustment in the price."
O'Neill said that these ETFs have attracted a lot of professional investors who want to invest in Bitcoin, but only want to purchase the cryptocurrency through institutional means.
He said that for investors who have not yet purchased ETFs, they may be waiting for the next rise in the price of Bitcoin before entering the market.
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