Digital asset investment funds saw $441M in net inflows last week, which snapped a three-week trend of outflows, according to CoinShares. Bitcoin (BTC-USD) attracted the majority of these inflows at $398M, while Solana (SOL-USD) saw significant investment with $16M in inflows.
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CoinShares suggested that the influx was due to investors capitalizing on the buying opportunity presented by Mt. Gox and the German government, which have been pushing prices lower as they offload their crypto holdings. However, blockchain equities continued to struggle, as they experienced $8M in outflows.
$1.38B in Cryptocurrency Was Stolen by Hackers
In other news, TRM Labs reported that $1.38B in cryptocurrency was stolen by hackers and network exploits in the first half of 2024, more than double the amount stolen in the same period last year. Although this year’s thefts are still over a third less than the nearly $2B stolen in the first half of 2022, the trend remains concerning.
Large-scale hacks, which include the theft of over 4,500 bitcoins from DMM Bitcoin, contributed to 70% of the stolen funds. TRM Labs noted that the surge in thefts correlates with the rise in crypto prices over the past six months, with major cryptocurrencies like Bitcoin, Ethereum (ETH-USD), and Solana showing significant year-to-date gains despite a recent selloff.
BTC Technical Analysis
According to TipRanks’ Bitcoin Technical Analysis tool, Bitcoin’s moving averages indicate a Strong Sell. Indeed, Bitcoin’s 50-day exponential moving average is $63,760.83, while the Bitcoin price currently sits below this average. This is a key number that many traders watch – when the price is below the moving average, it usually means the market is in a downtrend.
