$3.8 Billion in Bitcoin and Ethereum Outflows, What Does it Mean?
For the third week in a row, digital asset investment products have seen investors pull out funds. This past week alone marked a historic $2.9 billion in outflows which pushed the cumulative figure to $3.8 billion over three weeks.
CoinShares stated that this reversal is likely influenced by the recent security incident at Bybit, hawkish signals from the Federal Reserve, and a cooling-off after an extended 19-week inflow streak that brought in $29 billion. These circumstances likely fueled profit-taking and a dip in market optimism.
According to the latest edition of ‘Digital Asset Fund Flows Weekly Report,’ Bitcoin was hit hardest by the negative sentiment as it suffered $2.59 billion in outflows last week, while short Bitcoin products attracted $2.3 million in inflows. Ethereum also faced heavy losses and hit a record $300 million in outflows.
Toncoin wasn’t spared, with investors pulling $22.6 million. Meanwhile, multi-asset products experienced $7.9 million in outflows, while Solana and Cardano saw $7.4 million and $1.2 million outflows, respectively. Even blockchain equities saw declines, losing $25.3 million.
On the other hand, Sui outshined the market with $15.5 million in inflows, followed by XRP, which gained $5 million, and Litecoin, which added a modest $1 million in inflows.
Outflows were widespread over the past week, with the US leading at $2.87 billion, followed by Switzerland’s $73 million and Canada’s $16.9 million. Sweden also recorded $14.5 million in outflows, while Brazil and Hong Kong saw $2.6 million and $2.5 million, respectively.
In contrast, Germany bucked the trend with $55.3 million in inflows, as investors bought the dip. Australia also recorded modest inflows of $1 million.
The post $3.8 Billion in Bitcoin and Ethereum Outflows, What Does it Mean? appeared first on CryptoPotato.
