In the collapse experienced last week, there were major withdrawals in Ethereum and altcoins, especially in Bitcoin.
As the negative effects of the declines continue, Coinshares has released its weekly cryptocurrency report.
Coinshares stated that there were $55 million outflows in crypto products last week.
“Cryptocurrency products saw a total outflow of $55 million last week,
We believe these exits are in response to recent media reports that the SEC's decision to allow a spot-based ETF is not imminent.”
Looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While BTC experienced an outflow of $ 42.3 million last week, the largest altcoin Ethereum (ETH) also saw $ 9 million and Litecoin (LTC) $ 0.6 million.
The Bitcoin Short fund, which is indexed to the fall of BTC, also experienced an outflow of $ 2.2 million.
In the face of the exits last week, Cardano (ADA) experienced $ 0.1 million and XRP $ 1.2 million.
“While Bitcoin saw outflows reaching a total of $42 million, reversing the entries seen in the previous week, there were also exits in the Bitcoin Short fund.
Ethereum $9 million LTC saw $0.6 million exit, while XRP and Cardano saw entry.”
Looking at the regional fund inflows and outflows, it was seen that there was a general outflow in the countries.
Canada ranked first with a fund outflow of $35.9 million, while Germany ranked second with $11 million, and the United States was third with $5.5 million.
Canada and Germany were followed by Sweden with 5.4 million dollars and Brazil with 1 million dollars.
Against these exits, Switzerland experienced an inflow of 3.5 million dollars.
*Not investment advice.
