At 17:49 UTC, BTC traded at USD 38,712 and was up less than 1% in a day, trimming its weekly losses to 8%, and increasing its monthly gains to 6%.
Last week, digital asset investment products saw inflows totaling USD 109m, or 45% more than a week earlier, despite recent price weakness and perceived negative impact from the looming conflict in Eastern Europe, per CoinShares data.
The somewhat pessimistic comment about the current state of the market stands in contrast to several optimistic takes from recent weeks.
More precisely, the price may be forming a bottom again around USD 30,000.
Also bullish on bitcoin earlier in the month was the financial research firm FSInsight, which said in a report that it expects “macro tailwinds” for the coin in the second half of the year.