Cryptocurrency Outflows Continue as Bitcoin Dominates, Altcoins Struggle
Summary:
Cryptocurrency asset outflows reached $59.3 million last week, with Bitcoin experiencing the bulk of the activity. Solana's inflows came to an end, while Ethereum also saw outflows. Brazil was the only country with modest inflows, while Germany, Canada, and the United States led in outflows. Experts predict further decline in Bitcoin and suggest altcoins are unlikely to affect the trend.
Cryptocurrency asset outflows reached $59.3 million during the week of Sep. 3 through 9, adding to the four-week total of $249 million. The majority of outflows were from Bitcoin, which saw $68.9 million leaving the asset, but there were also some inflows for Short Bitcoin and XRP. CoinShares attributes this trend to concerns over regulation and a strengthening dollar, as well as a significant drop in trading volumes. Additionally, Solana witnessed a shift in sentiment as outflows of $1.1 million ended its previous nine-week streak of inflows. Ethereum also experienced outflows, though Bitcoin remained the leader. Only Brazil recorded modest inflows, while Germany, Canada, and the United States had the highest outflows. Switzerland and Sweden also saw significant losses. Experts predict that Bitcoin's slump will continue, potentially dropping to $20K. This negative sentiment could contribute to further outflows, suggesting that altcoins are unlikely to disrupt the balance of flows.
Published At
9/11/2023 8:19:18 PM
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