Major Cryptocurrencies End May with Significant Outflows and Bearish Trends
Major Cryptocurrencies End May with Significant Outflows and Bearish Trends
The close of May brought substantial bearish pressure to the cryptocurrency markets. Ethereum continued its disappointing downward trajectory, while Bitcoin's spot ETFs recorded significant net outflows, preventing the premier cryptocurrency from breaching key resistance levels and leading to further price struggles.
Ethereum and Bitcoin Encounter Strong Headwinds
Ethereum, often dubbed the 'King of Altcoins,' faced a particularly challenging May. Bears maintained firm control over its price performance, establishing a clear downward trend that analysts expect to persist into the new month, potentially seeing the asset drop towards the $1,850 mark.
Concurrently, the US Bitcoin Spot ETFs experienced a notable bloodbath, reporting net outflows totaling $1.42 billion in the final week of May alone. This outflow contributed significantly to a persistent negative sentiment surrounding Bitcoin, which struggled throughout the month and ultimately failed to breach the critical $82,000 resistance level before experiencing further declines.