Bitcoin Exited for the First Time in Five Weeks! Which Altcoins Remained Strong?

While there was a decline in Bitcoin and altcoins due to the Japanese Yen-USD parity, Coinshares published its weekly cryptocurrency report.

Stating that there was an outflow of 528 million dollars in cryptocurrency investment products last week, Coinshares said that Bitcoin experienced an outflow for the first time after 5 weeks of inflow.

“Cryptocurrency investment products saw a total outflow of $528 million for the first time in 4 weeks in response to US recession fears, geopolitical concerns and the resulting general market liquidations across most asset classes.

“Ethereum has seen a total outflow of $146 million, with net outflows reaching $430 million since the launch of the ETF in the US.”

Bitcoin and Ethereum Sales Accelerated!

When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.

While BTC experienced an inflow of $400 million, the largest altcoin Ethereum (ETH) experienced an outflow of $146.3 million.

The Bitcoin Short fund, which is indexed to the decline of BTC, also experienced an inflow of 1.8 million dollars.

Looking at other altcoins, Solana (SOL) saw an outflow of $2.8 million, Litecoin (LTC) saw small inflows of $0.2 million, and XRP saw small inflows of $0.4 million.

“Bitcoin saw outflows of $400 million for the first time after 5 weeks of inflows, while the short Bitcoin fund saw inflows of $1.8 million, the first measurable inflows since June.

Ethereum has seen total outflows of $146 million since the ETF launch in the US, bringing net outflows to $430 million.

These outflows mask positive inflows of $430 million from startup U.S. ETFs last week.

However, it is offset by $603 million in outflows from the existing Grayscale Trust.”

When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an outflow of 531 million dollars.

After the USA, Hong Kong ranked second with 27.4 million dollars.

Against these outflows, Switzerland lost 27.8 million dollars; Canada experienced an inflow of $17.1 million.

*This is not investment advice.