Not Cardano, Ethereum or Litecoin but outflows were solely focused on…
The ongoing cryptocurrency market has continued to witness major liquidations. Following a $24 billion decline on 26 June, the total crypto market cap slipped by $9.17 billion on 27 June. At press time, the total liquidations over the last day stood at $137 million. It was down from $145 million as compared to 27 June.
This certainly seems to be the case with cryptocurrency holders as highlighted in the latest Digital Asset Fund Flows Weekly report. CoinShares noted that digital asset investment products suffered over $420 million in outflows last week. In fact, this has been the largest since records began by a wide margin as depicted here.
Source: CoinShares
In terms of assets under management (AUM), last week’s outflows were the third-largest on record, representing 1.2% of the entire AUM of all funds that CoinShares tracks. The worst was outflows of 1.6% recorded during the 2018 bear market.
Geographically speaking, Canadian investors offloaded around $487.5 million worth of digital asset products last week. Importantly, United States-based investors accounted for more than half of the inflows with $41 million.
Nevertheless, the void remains too big to close and even the king coin suffered the repercussions.
“The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to $17,760 that weekend.”
Bitcoin [BTC] led the exodus charge as outflows solely focused on Bitcoin. The king coin saw net outflows for the week totalling $453 million, erasing almost all inflows year-to-date and leaving total Bitcoin AuM at $24.5 billion, the lowest point since the beginning of 2021.
Source: CoinShares
Apart from Bitcoin, other assets including Ethereum
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