After the recent spot ETF approval for Bitcoin, the selling pressure continues to affect the market. However, CoinShares has provided valuable insights in their weekly cryptocurrency report.
According to CoinShares, last week saw small outflows of $21 million in cryptocurrency products. Specifically, the majority of fund outflows were in Bitcoin, with a total of $24.7 million leaving the market. Additionally, Ethereum (ETH) also saw a significant outflow of $13.6 million. Interestingly, the Bitcoin Short fund, which is indexed to the decline of BTC, experienced an inflow of $12.7 million during the same period.
When analyzing altcoins, it was observed that Litecoin (LTC) experienced an outflow of $1.5 million, while Solana (SOL) had an outflow of $8.5 million. On the other hand, Cardano (ADA) remained neutral, and XRP saw an inflow of $0.5 million.
Commenting on these trends, CoinShares stated, “Cryptocurrency investment products saw small outflows last week, totaling $21 million, but this top line figure masks very high trading volumes in Bitcoin last week, which totaled $11.8 billion, 7 times the usual weekly trading volume in 2023. Altcoins also suffered; Ethereum and Solana saw outflows of $14 million and $8.5 million, respectively.”
In terms of regional fund inflows and outflows, there was a general outflow in countries. Canada ranked first with a fund outflow of $165.4 million, followed by Germany with $98.4 million. In contrast, the USA experienced an inflow of $263.2 million, and Brazil saw an inflow of $6.8 million in response to these outflows.
As the crypto market continues to fluctuate, it’s important for investors to stay informed and consider the implications of these developments. (Image source: cnews24.ru/uploads/344/3440d14602e73ba0353d0ef87e7487f540b21a3b.webp) *This is not investment advice.
