Virtual Asset Market Faces Volatility Amid Economic Data Impact

According to Odaily, Victory Securities has analyzed that the virtual asset market is currently experiencing the lower end of a volatile trend. Last week, Bitcoin's price dropped by approximately 4.25%, while Ethereum saw a decline of about 5.29%. The downturn in virtual assets is primarily influenced by U.S. economic data. However, within the virtual asset market, resilience is still evident. In terms of capital flow, Bitcoin ETFs saw an outflow of around $706 million last week, and Ethereum ETFs experienced an outflow of about $98 million. Despite these outflows, if market sentiment remains positive, this could be a temporary adjustment rather than a long-term trend shift. The open interest in Bitcoin contracts on exchanges is at a historical high, indicating traders' strong commitment to the market. This dynamic in capital flow may suggest market participants' recognition of the current price levels and a positive outlook for the latter half of the bull market. During this week's volatility in the virtual asset market, the prices of Bitcoin and Ethereum have declined. However, this does not necessarily indicate a long-term trend change.