Bitcoin (BTC) experienced a huge drop, dropping to $60,000, but has since recovered. After this recovery, it has risen above $70,000, but the risk of further decline still exists.
While some analysts are predicting that Bitcoin could fall as low as $50,000, CoinShares released a cryptocurrency report last week stating that only $187 million had been drained.
“Despite high price pressure, outflows from crypto investment products slowed significantly last week. Outflows plummeted to $187 million.”
“These slowdowns historically indicate a potential tipping point.”
Bitcoin and altcoin outflows are slowing down!
Looking at cryptocurrency funds individually, outflows from Bitcoin were observed.
While Bitcoin experienced outflows worth $264.4 million, Ethereum (ETH) experienced inflows with a net gain of $5.3 million.
Looking at other altcoins, we have seen both inflows and outflows. Solana (SOL) received $8.2 million in inflows; $XRP Chainlink (LINK) recorded a small outflow of $63.1 million, Chainlink (LINK) $1.5 million, and Sui (SUI) $200,000.
“Bitcoin was the only currency to represent negative sentiment, with outflows totaling $264 million for the week.”
$XRPSolana, and Ethereum led the way with inflows of $63.1 million, $8.2 million, and $5.3 million, respectively.
$XRP remains the most successful asset since the start of the year, with total inflows of $109 million.
Looking at regional capital outflows and inflows, the United States ranked first with an outflow of $214.3 billion.
Following the United States, Sweden lost $135.5 million, and the Netherlands lost $700,000.
In response to these outflows, Germany received an inflow of $87.1 million and Canada received an inflow of $21.4 million.
*This is not investment advice.
