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Food is a crucial topic to master in conversation. You’ll not only have meaningful talks with native English speakers if you have a good food vocabulary, but you’ll also be able to learn about their culture via food.
Onyxcoin (XCN) experienced an impressive rally earlier this month but has struggled to recover from subsequent declines. Despite initial optimism, the altcoin has failed to regain its momentum, leaving XCN holders increasingly impatient.
As the market sentiment turns uncertain, XCN enthusiasts are questioning the potential for a price uptrend.
Onyxcoin Investors Are Uncertain Of Returns
The current market sentiment for Onyxcoin is largely negative, as reflected in its funding rate. The negative funding rate indicates that more traders are betting against the coin by placing short contracts in the futures market.
This growing dominance of short positions signals skepticism among investors, who are primarily aiming to profit from a potential price drop rather than expecting upward movement. The market is currently more inclined toward caution, and the lack of confidence in a price uptrend has led to increased bearish sentiment among traders.
Onyxcoin’s macro momentum also presents challenges for investors. The Chaikin Money Flow (CMF) indicator, which measures the volume-weighted average of accumulation and distribution, is currently in negative territory, signaling that outflows are still dominating the market. Although the CMF is slightly rising, it has not been able to sustain any meaningful upward movement. This continued dominance of outflows suggests that XCN is still struggling to maintain bullish momentum.
Until the CMF consistently rises above the zero line, the overall sentiment remains cautious. This inability to gain traction could hinder XCN’s potential to break past key resistance levels, leaving the altcoin vulnerable to further declines.
XCN price is currently trading at $0.0186, showing a modest 11% increase over the last 24 hours. While the broader crypto market has experienced an uptick, XCN may struggle to hold above its support at $0.0182.
If the altcoin fails to maintain this level, a drop to $0.0150 is likely, marking a two-week low for the token. This would wipe out the recent gains and could trigger further selling as investors look to minimize their losses.
On the other hand, if XCN successfully secures $0.0182 as a support floor, it could signal a potential recovery. In this scenario, the altcoin might rise to $0.0237, invalidating the bearish outlook and providing an opportunity for further gains. However, this will require stronger investor confidence and broader market support.
The International Monetary Fund (IMF) had previously confirmed that El Salvador is upholding its commitment to halt Bitcoin accumulation within its public sector.
Yet, on-chain data reveals a different reality that the Central American nation is continuing to grow its Bitcoin reserves quietly.
Bitcoin Accumulation Continues in El Salvador Despite IMF’s Policy Claims
In an April 26 press briefing, Rodrigo Valdes, Director of the IMF’s Western Hemisphere Department, stated that El Salvador is complying with the agreed non-BTC accumulation policy.
“In terms of El Salvador, let me say that I can confirm that they continue to comply with their commitment of non-accumulation of bitcoin by the overall fiscal sector, which is the performance criteria that we have,” Valdes stated.
“The program of El Salvador is not about bitcoin. It’s much more, much deeper in structural reforms, in terms of governance, in terms of transparency. There is a lot of progress there. And also, on fiscal. And authorities have been making a lot of progress implementing the reform,” he continued.
Beyond BTC, Valdes stressed that fiscal reforms are another priority for El Salvador. These measures could unlock access to as much as $3.5 billion in financial assistance, potentially boosting private sector investments and supporting sustainable economic growth.
El Salvador’s efforts are tied to its December 2024 agreement with the IMF for a $1.4 billion loan. As part of the deal, the financial regulator required the government to revise its Bitcoin policies.
These changes included removing mandatory BTC acceptance for merchants, ending Bitcoin-based tax payments, and scaling back the Chivo wallet project.
Stacy Herbert, Director of the National Bitcoin Office, emphasized that El Salvador will continue to expand its strategic Bitcoin reserve.
She explained that this move helps the country maintain its first-mover advantage in the crypto space.
“El Salvador continues front-running the rest of the world by adding to its Strategic Bitcoin Reserve. First mover advantage intensifies,” Herbert said.
Meanwhile, the country’s embrace of emerging technologies continues to attract international attention. Stablecoin issuer Tether recently relocated its headquarters to El Salvador, praising the nation’s favorable regulatory environment.
In addition, El Salvador recently signed a letter of intent with AI leader NVIDIA to develop sovereign artificial intelligence infrastructure. This move will strengthen its position as a rising innovation hub in Latin America.
On Wednesday, Bitcoin spot ETFs recorded their first net outflow since April 16, halting an eight-day streak of consistent inflows.
The outflow marked a notable reversal after the funds collectively attracted over $2 billion in net inflows during the prior eight trading sessions.
Bitcoin ETFs Face $56 Million Exit Amid Sideways Price Action
Yesterday, the total net outflow from BTC spot ETFs came to $56.23 million. This sudden shift in funds flow suggests a potential cooldown in institutional demand following a sustained period of accumulation.
Total Bitcoin Spot ETF Net Inflow. Source: SosoValue
BTC’s price consolidation since April 25 may have prompted this pullback. An assessment of the BTC/USD one-day chart reveals that the leading coin has traded within a narrow range since then, facing resistance at $95,427 and finding support at $93,749.
With BTC consolidating tightly and failing to break key levels, some key investors are opting to de-risk their positions by temporarily withdrawing capital from BTC-backed funds. An extended period of sideways price action comes with uncertainty around short-term momentum, making it harder to sustain the aggressive inflows into BTC ETFs.
On Wednesday, BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund to buck the trend, recording a net inflow of $267.02 million, bringing its total historical net inflow to $42.65 billion.
Fidelity’s FBTC saw a $137.49 million exit from the fund in a single day. Despite the drawdown, FBTC’s total historical net inflow stands at $11.63 billion.
BTC Derivatives Market Shows Mixed Sentiment
Meanwhile, despite the recent price consolidation, derivatives market data reflect a mixed sentiment among traders. Open interest in BTC futures has declined slightly over the past day, signaling reduced activity.
At press time, this stands at $61.50 billion, noting a 1% dip over the past day. A drop in open interest like this suggests that traders are closing out positions rather than opening new ones. This trend reflects uncertainty or waning conviction in BTC’s short-term price direction.
However, the coin’s funding rate remains positive, indicating that long traders are still dominant. As of this writing, this stands at 0.0039%, confirming the preference for long positions over short ones.
This bullish sign indicates that despite BTC’s price stagnancy, many of its futures traders are still opening bets in favour of a price rally.
Additionally, the options market shows a higher volume of call contracts than puts, a sign that some market participants will continue to bet on an upward breakout in the near term.
The pullback in ETF inflows may reflect profit-taking after a strong April performance, but data from both futures and options markets suggest investors are not turning bearish just yet.
