Bitcoin and Ethereum Bleed $226 Million In Outflows, CoinShares Report

Last week, both Bitcoin and Ethereum experienced substantial outflows, amounting to a combined total of $226 million. Bitcoin bore the brunt of this trend, witnessing outflows totaling $192 million, while Ethereum saw $34 million exiting the market, marking its 6th consecutive week of outflows. Interestingly, even short Bitcoin positions experienced outflows, albeit at a minimal scale of $0.3 million.

However, amidst this exodus, there was a glimmer of positivity as multi-asset sentiment improved slightly, with $9 million flowing into diverse investment avenues. Furthermore, altcoins like Litecoin and Chainlink managed to buck the trend, attracting inflows of $3.2 million and $1.7 million, respectively.

Blockchain Equities and Regional Trends

The streak of outflows in blockchain equities continued unabated for the 11th consecutive week, with total outflows amounting to $9 million. This persistent negative sentiment can be attributed largely to concerns surrounding the impact of the halving on mining companies, fueling investor skepticism.

Notably, the United States ETF market saw significant outflows totaling $244 million, contrasting sharply with the lower inflows observed in newly issued ETFs. However, it’s not all doom and gloom as regions like Canada and Switzerland managed to attract inflows of $30 million and $8 million, respectively. Meanwhile, Germany experienced relatively minor outflows of $8 million, indicating a mixed bag of sentiments across different markets.

Also Read: Bitcoin Transaction Fees Plummet, Has Runes-Triggered Saga Ended?

Spot Bitcoin ETF Activity & BTC Price Trajectory

Spot Bitcoin ETFs reported a total net outflow of $165 million over the past week, coinciding with a decrease in buying activity, particularly noticeable during the tax filing season in the United States. Despite this decrease in activity, Wednesday saw nine ETFs recording trading volumes nearing $2.7 billion, suggesting continued market participation and interest.

As for Bitcoin’s price trajectory, it currently stands at $65,899.9649, with a 24-hour trading volume of $20.7 billion and a surge of 1.38% in the past day. These figures reaffirm Bitcoin’s status as a dominant force in the cryptocurrency market, with its live market cap maintaining a formidable $1.2 trillion valuation.

Also Read:  Lawyers Reveal Appeal, Settlement, Fine in Ripple Vs. SEC

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