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Following the tension between Iran and Israel over the weekend, there were sharp declines in Bitcoin and altcoins. While $BTC dropped to $60,700, altcoins also experienced major losses.
While $BTC and the market were slowly recovering after the sharp decline over the weekend, CoinShares published its weekly cryptocurrency report.
Stating that cryptocurrency investment products experienced small outflows of $126 million last week, Coinshares said that the positive price momentum has stopped.
“Cryptocurrency investment products saw small outflows of $126 million last week.
“Investors appear hesitant as positive price momentum has stalled.”
Ethereum ($ETH) and Solana ($SOL) Sales Continue!
When looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While $BTC experienced an outflow of $110 million, the largest altcoin Ethereum ($ETH) also saw an outflow of $28.7 million.
There was an inflow of $1.7 million in the Bitcoin Short fund, which was indexed to the decline of $BTC.
When we look at other altcoins, Litecoin (LTC) experienced an inflow of 1.6 million dollars, Polkadot (DOT) 0.8 million dollars, Decentraland (MANA) 4.9 million dollars, and LIDO 1.8 million dollars; Solana ($SOL) experienced a $3.6 million outflow.
“Bitcoin saw outflows of $110 million but maintained positive inflows of $555 million since the beginning of the month. Short-bitcoin broke a 3-week outflow streak with small inflows of $1.7 million, likely taking advantage of recent price weakness.
Ethereum was the altcoin that suffered the most relative damage last week, with an outflow of $29 million, marking its 5th consecutive weekly outflow.
Aside from Solana seeing $3.6 million in outflows last week, altcoins had another good week. More esoteric names like Decentraland, Basic Attention Token, and LIDO saw inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.”
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an outflow of 145 million dollars.
After the USA, Canada ranked second with 6 million dollars.
Against these outflows, Germany lost 28.6 million dollars; Brazil experienced an inflow of 3 million dollars.
*This is not investment advice.