The price of Bitcoin fell to the level of 32400 Dollars. Ethereum dropped to the support of $2500, and XRP reached the level of 85 cents. The total capitalization of the digital currency market was 1.48 trillion Dollars.
According to CoinShares, the outflow of institutional investment from Bitcoin-based products continues to grow, reaching $141 million in a week. This may indicate a drop in the mood of the institutions, which continue to reduce their investments. Last week, bitcoin-based investment products faced record outflows of investment. Between May 10 and May 16, institutional investors also withdrew nearly 100 million from cryptocurrency products, before capital outflows slowed briefly by the end of last month. The volume of trading with related crypto assets also declined, with trading activity falling by 62% in the first week of June compared to the weekly average in May. At the same time, CoinShares emphasizes that the capital outflow is less than 10% of the 2021 inflow.
The decline in institutional demand for bitcoin has again coincided with an increase in institutional interest in ethereum – $33 million has been invested in products based on it over the past week. CoinShares also noted that investors are eager to get access to products based on XRP and ADA, last week they invested $7 and $4.5 million, respectively. Recall that in the first week of May, before the beginning of the downtrend among institutions, investments in cryptocurrency products increased to 489 million. The indicator reached its highest level since February of this year, with funds on ethereum being particularly popular.
Forex trading. Cryptocurrency forecast for today, June 9, 2021
The forecast expects a further decline in the price of Bitcoin to the supports of $32,000, $31,000 and $30,000. Ethereum will decline to the levels of 2450, 2400 and 2300 Dollars, and XRP - to the levels of 80, 75 and 70 cents.