CoinShares has released its weekly cryptocurrency report, stating that $513 million in outflows occurred last week.
Bitcoin (BTC) and altcoins started the new week positively, with Bitcoin rising above $110,000 and Ethereum above $4,000.
As the market continues to recover due to the approaching FED interest rate decision and improving macroeconomic conditions, CoinShares released its weekly cryptocurrency report and saw a net outflow of $513 million last week.
The outflows were driven by Bitcoin products, which recorded $946 million in outflows, while the two-week inflow trend was also reversed.
Cryptocurrency investment products saw $513 million in outflows last week following the liquidity surge on October 10, but ETP investors largely shrugged it off.
When looking at individual crypto funds, it was seen that the majority of outflows were in Bitcoin.
While Bitcoin experienced an outflow of $946 million, Ethereum (ETH) experienced an inflow of $205 million.
Looking at other altcoins, Solana (SOL) saw an inflow of $156.1 million, XRP $73.9 million, Sui (SUI) $5.9 million, and Cardano (ADA) $3.7 million.
“Bitcoin was the main focus as it was the only major asset to see outflows totaling $946 million last week.
Investors viewed the price weakness in Ethereum as a buying opportunity, seeing $205 million in inflows. The largest weekly inflow was into a 2x leveraged ETP with a total of $457 million, demonstrating a sense of confidence among investors.
Solana and XRP generated inflows of $156 million and $73.9 million, respectively, driven by excitement around their anticipated ETF launches.
When looking at regional fund inflows and outflows, the USA ranked first with an outflow of $621 million.
Following the USA, Sweden had an outflow of $54.2 million and Hong Kong had an outflow of $9.8 million.
In the face of these outflows, Germany experienced an inflow of $59.3 million and Switzerland $48 million.
