Crypto Market Outflows Top $21M as Bitcoin (BTC) Takes Severe Beating

The digital currency ecosystem saw approximately $20.8 million in inflows over the past week.

According to data from CoinShares, different profiled assets saw a mixed flow outlook as market sentiment remained erratic overall, with a general outflow observed in the market.

Per the report, while Bitcoin (BTC) and Ethereum (ETH) saw massive outflows of $24.7 million and $13.6 million, inflows into ‘short Bitcoin’ came in at $12.7 million.

The past few weeks have been shaped by spot Bitcoin Exchange-Traded Fund (ETF) sentiment. Per CoinShares, this asset class recorded a total net inflow of $1.25 billion since the 11 products went live for trading.

Crypto and ETF Flow Data

Zooming into the figures, altcoins generally recorded discouraging capital flows with XRP recording just $500,000. Cardano (ADA) performed worse than XRP but better than BTC and ETH, as it recorded no inflow.

The multi-asset category, as profiled by CoinShares, saw a $9.4 million inflow while the likes of Solana (SOL) and Litecoin (LTC) took a plunge with $8.5 million and $1.5 million outflows respectively.

Besides Solana, all of the assets profiled by CoinShares boast impressive Month-to-Date (MTD) and Year-to-Date (YTD) growths overall.

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Bitcoin products’ Assets Under Management (AUM) topped $36.719 billion, AUM for Ethereum products comes in at 10.607 billion while Solana and Cardano’s AUMs are $707 million and $60 million, respectively.

The report highlighted how the crypto ETF market is fairing, noting that incumbent issuers are taking a heavy hit.

Grayscale has been seeing depleted holdings as clients move their funds away from the platform to alternative firms on the grounds of cheaper fees.

Per the CoinShares report, higher-cost issuers suffered $2.9 billion in outflow while the new issuers recorded a total of $4.13 billion.

Crypto Market Price Outlook

The report underscores the general bearish sentiment in the market at this time. The price of Bitcoin (BTC) is down 2.86% in the past 24 hours to $40,603, with trading volume soaring by 110% to $20,183,645,154.

Ethereum and Solana are down by 4.38% and 6.91% in 24 hours to $2,368.17 and $86 respectively.