Crypto Outflows Reach New Record
Crypto investment products have seen a record-breaking week of outflows, with investors pulling out a whopping $942 million. This marks the end of a seven-week streak of strong inflows.
Bitcoin Takes the Hit
Bitcoin investment products accounted for a significant portion of the outflows, with Spot Bitcoin ETFs in the US experiencing daily outflows. Grayscale’s substantial $2 billion outflows further contributed to Bitcoin’s decline.
Other Cryptocurrencies Affected
Ethereum, Solana, Cardano, and multi-asset products also witnessed outflows, while Litecoin, XRP, and Polkadot saw some inflows.
Regional Outflows
The US had the highest outflows at $860 million, followed by Sweden and Switzerland.
Investor Hesitancy
CoinShares attributes the negative sentiment to investor hesitancy.
Bitcoin’s Future
Last week’s outflows coincided with a drop in Bitcoin’s price. However, the market sentiment can change quickly, and recent price action suggests a return to bullishness.
Bulls Back in Control
Spot Bitcoin ETFs have registered a day of net inflows, indicating that bulls are pushing the price of Bitcoin higher. At the time of writing, Bitcoin is trading at $70,676 and could reach $73,000 soon.
