As Bitcoin approaches the $26,000 mark, CoinShares has published its weekly cryptocurrency report.
CoinShares stated that there were $9 million outflows in cryptocurrency products last week.
“Cryptocurrency investment products saw a total outflow of $9.1 million last week.
“The outflows continued for the 6th consecutive week.”
When looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While BTC experienced an outflow of $5.9 million last week, the largest altcoin Ethereum (ETH) also saw an outflow of $2.2 million.
The Bitcoin Short fund, which is indexed to the decline of BTC, which experienced an inflow of 15.2 million dollars in the past weeks, saw an outflow of 2.8 million dollars this week.
In the face of these outflows, Litecoin (LTC) experienced an inflow of $0.5 million, Solana (SOL) experienced an inflow of $0.3 million, and XRP experienced an inflow of $0.7 million.
“Ethereum continues to suffer losses, with outflows totaling $2.2 million.
“With continued inflows into XRP and Solana at $0.7 million and $0.3 million respectively, investors are becoming more selective in the altcoin space.”
When looking at regional fund inflows and outflows, it was seen that there was a general outflow in countries.
“A difference in sentiment has clearly emerged from a regional perspective, with a total of $16 million inflow into Europe last week where investors saw the latest regulatory disappointment as an opportunity.
“US investors withdrew 14 million dollars.”
While the USA ranked first with fund outflow of 14.1 million dollars, Switzerland ranked second with 2.6 million dollars.
In response to these outflows, Germany experienced an inflow of 18.1 million dollars, Canada 2.1 million dollars, and Sweden 0.2 million dollars.