Record $474 Million Flowed Into Crypto Market In July: Will It Change the Sentiment?
Analytical agency CoinShares published its weekly digital asset fund flow report and also summarized the July results of inflows and outflows on the crypto market. As we learned from the report, the second month of summer was marked by a record inflow of funds for 2022. In total, the cumulative inflow of funds to the crypto market in July amounted to $474 million.
Nevertheless, such a strong inflow did not overlap with the largest outflow of funds in the amount of $481 million observed in the spring, and therefore the balance has not been restored.
The last week of July also ended with a positive flow value, showing a plus of $81 million. Meanwhile, Bitcoin-oriented crypto products received $84.8 million; Ethereum-oriented crypto products saw inflows of $1.1 million. Also of note are Solana-based crypto products, which saw inflows greater than Ethereum's by $400,000 — $1.5 million. The rest of the altcoins showed insignificant fund flows.
Current state of crypto market
In general, July was a more positive month for the crypto market. The first green monthly candle since early April and closing above 200WMA are great signs for BTC. At the moment, the start of the new week is accompanied by a decline, which is generally not bad as we need to test the 200WMA for the $22,880 support. But do not forget that Bitcoin is highly correlated with the S&P500, which can drag it down. Like any instrument, the stock market could also use a correction after a strong rise.Source