Among all digital assets, the top cryptocurrency, Bitcoin (BTC), is leading by a huge distance in outflows from investment products. The coin has faced unfavorable market conditions, leading to slow price growth during this period.
According to CoinShares Research’s report on digital asset flows, crypto products recorded $305 million in outflows this past week.
Bitcoin and Altcoins Take a Hit in Crypto Market Crunch
Specifically, Bitcoin saw up to $319 million in outflows. On the other hand, short bitcoin investment products recorded their second consecutive week of inflows, which rounded up to approximately $4.4 million. This is the largest flow seen since March of this year. Even its ETF products are also seeing huge outflows.
Like BTC, Ethereum also had $5.7 million in outflows while its trading volumes stagnated. This metric dropped to only 15% of the levels when the US spot Ethereum ETF launched in June. Ethereum is still spiraling down with more outflows, record
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