Bitcoin (BTC) had a positive trading session on Monday, adding 0.9% to close around $27,160.
The Asian trading session this morning has been relatively unchanged with the bulls retrieving the price of $27,200.
Bitcoin (BTC) has been largely bearish in May โ Source: currency.com
The Binance order book suggests a short-term resistance point of US$27,400 and support at US$27,100, although intraday price action shows a high degree of volatility driven by historically low trading volumes.
Underscoring the current unease among bitcoin investors is the fact that long exchange-traded bitcoin futures products, including CoinShares and ProShares, saw their fourth consecutive week of outflows in the seven-day period ending on 12th May, with a total of USD 37.5 million withdrawn. according CoinShares' last report.
Bitcoin short products also saw outflows of $10.4 million.
Data from CoinShares shows the degree to which bitcoin has been dominating the cryptocurrency investment scene in recent weeks and months, with more than 89% of outflows comprising of bitcoin EFT products and just 1% of Ethereum ETF products. .
Altcoin ETF products hardly see any activity.
In pure market cap terms, bitcoin's dominance is 47.89%, which is up 13.7% year to date.
Ethereum also closed in the green on Monday, adding 0.94% to $1,816, with momentum above $1,820 this morning.
Any long-tail price rally in the blue-chip space will depend on the return of liquidity to the market, which remains stubbornly low as investors are wary of risky assets like bitcoin.
Litecoin leads the altcoins
In anticipation of the next halving event on August 2, Litecoin (LTC) remains by far the strongest player in the altcoin space.
Week over week, LTC is up nearly 13%, bringing the payment coin's market capitalization close to the $6.5 billion mark.
By comparison, Ripple (XRP), Cardano (ADA) and Solana (SOL) have added low single digits, while Polygon (MATIC) is down 3.5% and BNB and Dogecoin are down less than 1%.
The global cryptocurrency market capitalization fell 1% to $1.13 trillion overnight.
