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Cryptocurrencies experienced outflows totaling $88 million, escalating the eight-week outflow to $417 million, thus shutting down a 12-week record high that had been observed from April to June the previous year. What’s the current state of the market? Let’s delve into it!
CoinShares Reports!
A report released by CoinShares stated that, similar to the previous year, the current position sees no clear end in sight for interest rate hikes due to monetary policy, purportedly prompting investors to exercise caution.
Interestingly, the report indicates that 87% of these outflows were focused on a single provider, which resulted in almost all outflows being centered in North America. While Switzerland saw small entries worth $9.2 million, Germany witnessed outflows amounting to $9.4 million.
Bitcoin saw outflows that reached a total of $52 million, alongside an eight-week total of $254 million in outflows, representing 1.2% of total assets under management (AuM). Short-bitcoin experienced an outflow of $1.1 million, resulting from a seven-week outflow stream that represented 44% of AuM.
Ethereum Outflows!
The leading smart contract platform, Ethereum (ETH), witnessed an outflow of $36 million, the largest single-week outflow since the merger in September of the previous year. However, it demonstrated a relatively better performance than Bitcoin, which saw total outflows representing only 0.6% of AuM.
Altcoins, namely Litecoin (LTC), Ripple (XRP), and Solana (SOL), experienced minor entries and exits from Polygon (MATIC), leading to mixed fortunes. Interestingly, unlike Bitcoin and Ethereum, altcoins saw entries year-to-date, except Tron.
While the uncertainty in cryptocurrencies continues, the observed inflow and outflow dynamics reportedly represent investor indecision. It was also stated that the volatility would decrease once a suitable environment is established.
