EMC Labs: Stablecoin inflows significantly decreased in May, with ETF channel funds reaching 1.905 billion, potentially dominating BTC price trends

2024-06-06 10:21:32

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ChainCatcher news, recently, the crypto asset research institution EMC Labs released the May 2024 report titled "Policy Factors Intensify, Buying Power Gathers to Find Breakthrough Points."

The report points out: Along with massive chip exchanges and severe market fluctuations, coupled with the delay in interest rate cuts, the inflow of funds into the stablecoin channel in May was only $341 million, far lower than the $8.9 billion and $7 billion in March and April. In contrast, the fiat funds in the ETF channel saw outflows on 5 out of 22 trading days in May, while recording net inflows on 17 trading days, with a total net inflow of $1.905 billion for the month, significantly higher than the $341 million in the stablecoin channel. In May, the Nasdaq index rebounded strongly, recovering all losses from April. The funds in the BTC ETF channel are currently more influenced by the Nasdaq index, and under the weak on-site funding conditions, its dominance over BTC prices is strengthening. Thus, the upcoming Nasdaq performance influenced by tech stocks may become the most significant factor determining BTC price trends.

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