Following the sharp decline in Bitcoin, Ethereum, and altcoins, recovery has begun. As BTC surpassed $115,000, altcoins also experienced upward movement.
While this is expected to continue, CoinShares released its weekly cryptocurrency report and said that there was an outflow of $223 million last week.
“Cryptocurrency investment products saw an outflow of $223 million, compared to the $883 million inflow at the beginning of the week.
This is likely a reaction to the Fed's hawkish signals and stronger-than-expected US economic data.
Bitcoin Led the Exits!
When looking at individual crypto funds, it was seen that the majority of outflows were in Bitcoin.
However, Ethereum also experienced a major surge. While BTC experienced an outflow of $404 million, Ethereum (ETH) remained positive, experiencing an inflow of $133.9 million.
When we look at other altcoins, XRP experienced an inflow of $33.1 million, Solana (SOL) $8.8 million, and Cardano (ADA) $1.3 million, while Sui (SUI) experienced an outflow of $0.8 million following the inflows.
Bitcoin was hit the hardest by the adverse weather conditions, seeing outflows of $404 million during the week. Despite this, inflows remain strong at $20 billion year-to-date (YTD).
Despite experiencing a decline later in the week, Ethereum saw a total net inflow of $133 million in its 15th week, creating a strong positive sentiment for the asset.
XRP, Solana, and SEI also saw good support with inflows of $31.2 million, $8.8 million, and $5.8 million respectively.
Aave and Sui saw smaller inflows of $1.2 million and $0.8 million, respectively.”
When looking at regional fund inflows and outflows, the USA ranked first with an outflow of $383 million.
Following the USA, Germany experienced an outflow of $35.5 million and Sweden $33.3 million.
In the face of these outflows, Hong Kong experienced an inflow of $170.4 million and Switzerland $52.4 million.
*This is not investment advice.
