While all eyes are on the leading cryptocurrency Bitcoin, the price rose above $42,000 while the FED’s January interest rate decision was awaited.
At this point, Coinshares, which publishes its weekly cryptocurrency report, said that there was an outflow of $ 500 million last week.
“Cryptocurrency investment products experienced an outflow of $500 million this week.
Last week, Grayscale outflows totaled $2.2 billion; however, data shows outflows are beginning to decline as the daily total continues to decline throughout the week.”
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC experienced an outflow of $478.9 million last week, the largest altcoin Ethereum (ETH) saw an outflow of $38.8 million.
It was seen that there was an inflow of 10.6 million dollars in the Bitcoin Short fund, which was indexed to the decline of BTC.
When we look at other altcoins, Solana (SOL) experienced an inflow of 3.0 million dollars, XRP and Cardano (ADA) experienced an outflow of 0.4 million dollars, and Litecoin (LTC) experienced an outflow of 0.2 million dollars.
“Bitcoin was understandably the primary focus, seeing outflows of $479 million, while Short Bitcoin saw total inflows of $10.6 million.
Altcoins saw mainly outflows last week; Ethereum saw $39 million, Polkadot and Chainlink saw $0.7 million and $0.6 million, respectively.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an outflow of 408 million dollars.
After the USA, Switzerland ranked second with 59.8 million dollars; Germany ranked third with 31.7 million dollars.
Against these outflows, Brazil lost 10.3 million dollars; France experienced an inflow of 0.1 million dollars.
*This is not investment advice.
Read the full article here