Gate.io Blog Daily Flash | BAYC Floor Price Drops As NFT Prices Tumble, Michael Saylor Is Not Wavered by Loss

Daily Flash | BAYC Floor Price Drops As NFT Prices Tumble, Michael Saylor Is Not Wavered by Loss

01 January 08:00

Markets Performance - Hawkish Policy Drives $100M Out Of US Crypto Funds

According to CoinShares' latest Digital Asset Fund Flows report, institutional investors offloaded $101.5 million worth of digital assets last week in anticipation of hawkish monetary policy from the Federal Reserve.

“What has pushed Bitcoin into a “crypto winter” over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”

The data shows that US investors accounted for outflows totaling $98 million between June 6 and June 10, while Europe accounted for only $2 million. Most of these outflows came from products oriented to BTC and ETH, with ETH in comparison showing notably more outflows to inflows YTD.

This implies that Bitcoin still remains the preferred asset over other assets among institutional investors. However, institutional investors apparently managed to sell off their BTC and ETH holdings before most of the recent price bloodshed happened to both assets.

Today's Headline - NFT Prices Tumble Alongside Broader Crypto Market Crash

While the crypto market saw a 14% drop in overall value over the past 24 hours, NFT collections seem to have joined the party as floor prices of many collections took a nosedive, due in part to the falling ETH price in recent days.

Blue-chip NFT project Bored Ape Yacht Club (BAYC) has seen its floor price drop from 152 ETH (roughly worth $429,000 at the time) on April 29th to 74.5 ETH (currently worth around $100,000) today.

Astonishingly, NFT trading volume has increased dramatically in the last 24 hours, up 54% from the previous period. This may be implying that collectors are taking advantage of decreased prices.

Technical Chart of the Day - Bitcoin Oversold, Approaching 200MA on Weekly Timeframe

On the weekly timeframe, BTC has historically bounced off the 200MA.

Currently, RSI indicates the price is oversold.

Will we see a short recovery to the upside before a breakout to the downside, or is this the dip?

Influencer of the Day - Michael Saylor hasn’t wavered in his Bitcoin bullishness

As Bitcoin fell over 13% in a single day, Saylor added “laser eyes” to his Twitter profile picture, a symbol that started in online Bitcoin communities but has since been used by high-profile figures like El Salvador’s president and U.S. Senator Cynthia Lummis to show their unwavering support for Bitcoin.

"When MicroStrategy adopted a Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to HODL through adversity," he declared to Twitter followers.

Buzzes of Yesterday - #SEC Investigates Insider Trading, #Goldman Sachs Launches Ether Derivatives

SEC reportedly launches investigation into insider trading on exchanges

El Salvador’s investment in Bitcoin loses about half its value since September, now worth $51.5 million

Goldman Sachs Executes First-Ever Ether-Linked Derivative Trade

Nexo Wants to Buy Qualifying Assets of Celsius Network After Withdrawal Freeze

JPMorgan Economist Expects the Fed to Hike Benchmark Rate by 75 bps as Global Markets Bleed

Author: Gate.io Researcher Peter L.
This article represents only the views of the researcher and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT + 0.05%

ETH/USDT -0.31%

APE/USDT -1.05%

CEL/USDT -5.44%

NEXO/USDT -0.34%

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