Coinshares has released its weekly cryptocurrency report, as Bitcoin fell sharply before its monthly close.
Stating that the fund outflows in crypto money products continued last week, Coinshares said that the outflows have reached the 6th week.
Stating that there was an outflow of $ 39 million in crypto money products last week, Coinshares wrote:
"Digital asset investment products saw a total outflow of $39 million, representing the 6th consecutive week of outflows of $272 million."
Looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While Bitcoin experienced an outflow of $ 11.5 million last week, the largest altcoin Ethereum (ETH) also saw an outflow of $ 5.9 million.
The Bitcoin Short fund, which is indexed to the fall of BTC, also experienced an outflow of $ 10.9 million this week.
“The focus of exits in crypto funds remains on Bitcoin, with exits totaling $11 million.
Outflows in short-bitcoin also continued with approximately $11 million. These exits are much more dramatic for short bitcoin, which represents 36% of the total AuM.
Altcoins also saw exits last week, most notably Ethereum with $5.9 million which saw 65% of AuM outflow last week. Apart from ETH, Solana (SOL) also had a $0.3 million breakout."
In the face of the exits last week, Litecoin (LTC) entered $ 0.5 million, and Ripple (XRP) entered $ 0.1 million.
Looking at the regional fund inflows and outflows, it was seen that there was a general outflow in the countries. While the USA took the first place with a fund outflow of 10.8 million dollars, Germany took the second place with 9.5 million dollars, and Switzerland took the third place with 8.0 million dollars.
Germany and the USA were followed by Brazil with 3.9 million dollars, Canada with 3.7 million dollars, Sweden with 3.3 million dollars and France with 0.2 million dollars.
*Not investment advice.