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While the selling pressure after the spot ETF approval in Bitcoin continues, CoinShares published its weekly cryptocurrency report.
CoinShares stated that there were small outflows of $21 million in cryptocurrency products last 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 $24.7 million last week, the largest altcoin Ethereum (ETH) also saw an outflow of $13.6 million.
The Bitcoin Short fund, which is indexed to the decline of BTC, saw an inflow of $12.7 million this week.
When we look at the altcoins, Litecoin (LTC) experienced an outflow of $ 1.5 million and Solana (SOL) experienced an outflow of $ 8.5 million, while Cardano (ADA) remained neutral and XRP experienced an inflow of $ 0.5 million.
“Cryptocurrency investment products saw small outflows last week, totaling $21 million, but this top line figure masks very high trading volumes in Bitcoin last week, which totaled $11.8 billion, 7 times the usual weekly trading volume in 2023 .
Altcoins also suffered; Ethereum and Solana saw outflows of $14 million and $8.5 million, respectively.”
When looking at regional fund inflows and outflows, it was seen that there was a general outflow in countries.
While Canada ranked first with fund outflow of 165.4 million dollars, Germany ranked second with 98.4 million dollars.
In response to these outflows, the USA experienced an inflow of 263.2 million dollars and Brazil experienced an inflow of 6.8 million dollars.
*This is not investment advice.
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