While Bitcoin, the leading cryptocurrency, is still trying to recover from the declines it experienced, it continues to trade in a narrow range.
While investors expect a major rise in BTC and altcoins, CoinShares has released its weekly cryptocurrency report.
Stating that it experienced an outflow of $435 million in cryptocurrency investment products last week, Coinshares said that the outflows continued for the third week in a row.
“Cryptocurrency investment products saw outflows totaling $435 million for the third week in a row, the largest outflow since March of this year.”
Bitcoin (BTC) and Ethereum (ETH) Sales Continue!
When looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While BTC experienced an outflow of $423 million, the largest altcoin Ethereum (ETH) also saw an outflow of $38.4 million.
There was an inflow of $1.3 million in the Bitcoin Short fund, which was indexed to the decline of BTC.
When we look at other altcoins, Litecoin (LTC) experienced an outflow of $3.1 million, Polkadot (DOT) $0.5 million, Solana (SOL) $4.0 million, and Chainlink (LINK) $2.8 million.
“The outflows were focused solely on Bitcoin and Ethereum, which saw $423 million and $38 million respectively.
A wide range of altcoins saw inflows, with $7 million inflows seen as investors opted for multi-coin investment products.
Favorite altcoins such as Solana, Litecoin, and Chainlink continued to see inflows of $4 million, $3 million, and $2.8 million respectively.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an outflow of 488 million dollars.
After the USA, Canada ranked second with 32.1 million dollars.
*This is not investment advice.
