CoinShares published its weekly cryptocurrency report as Bitcoin rose above $27,000 ahead of the FED's interest rate decision.
CoinShares stated that there were outflows of $54 million in cryptocurrency products last week.
“Cryptocurrency investment products saw a total outflow of $54 million last week.
“A total outflow of 455 million dollars was seen in 8 of the last 9 weeks.”
When looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While BTC experienced an outflow of $45.3 million last week, the largest altcoin Ethereum (ETH) also saw an outflow of $4.8 million.
The Bitcoin Short fund, which was indexed to the decline of BTC, which had an inflow of $15.2 million the previous week, saw an outflow of $3.8 million this week.
While Litecoin (LTC) remained neutral in the face of these outflows, Solana (SOL) experienced an inflow of $0.7 million, Cardano (ADA) $0.4 million, and XRP experienced an inflow of $0.1 million.
“Bitcoin accounted for 85% of outflows last week with $45 million.
It was seen that the inflows seen in the Bitcoin short fund the previous week were short-lived and there was an outflow of 3.8 million dollars from the fund last week.
Ethereum saw a total outflow of $4.8 million last week despite attractive investment fundamentals and high demand for staking yield.”
When looking at regional fund inflows and outflows, it was seen that there was a general outflow in countries.
The USA ranked first with a fund outflow of 41.1 million dollars, Germany ranked second with 5.9 million dollars, and Canada ranked third with an outflow of 4.9 million dollars.
The USA, Germany and Canada were followed by Sweden with 3.2 million dollars.
In response to these outflows, Australia experienced an inflow of 0.3 million dollars and Switzerland experienced an inflow of 1.1 million dollars.
*This is not investment advice.
