While the rise in Bitcoin and altcoins over the weekend strengthened investors' rally expectations, Coinshares published its weekly cryptocurrency report.
Stating that it experienced an outflow of $251 million in cryptocurrency investment products last week, Coinshares said that the outflows reached the fourth week in a row.
“Cryptocurrency investment products saw outflows totaling $251 million for the fourth week in a row. These global outflows dwarf the $307 million inflows into Hong Kong ETFs.”
Ethereum (ETH) Sales Are Over!
When looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While BTC was the only cryptocurrency to experience an outflow of $284 million, the largest altcoin Ethereum (ETH) broke its 7-week outflow streak and saw an inflow of $30 million.
When we look at other altcoins, Avalanche (AVAX) experienced an inflow of $0.5 million, Litecoin (LTC) $0.1 million, Polkadot (DOT) $0.3 million, and Solana (SOL) $0.3 million.
“As always, Bitcoin was the main focus, seeing an outflow of $284 million. Unusually, BTC was the only cryptocurrency to see an outflow.
Ethereum saw inflows of $30 million last week, breaking its 7-week outflow streak.
A wide variety of altcoins have seen inflow; “The most important ones were Avalanche, Cardano, and Polkadot, which saw inflows of $0.5 million, $0.4 million, and $0.3 million, respectively.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an outflow of 504 million dollars.
After the USA, Sweden ranked second with 30.3 million dollars.
Against these outflows, Hong Kong lost 306.5 million dollars; Brazil experienced an inflow of 3.7 million dollars.
*This is not investment advice.
