Crypto outflows from exchanges last week marked the second largest weekly outflow this year, according to a recent weekly report on cryptocurrency investment funds from digital asset management firm CoinShares.
Over $134M Withdrawn From Crypto Funds
The report revealed that crypto investment products saw a total outflow worth around $134 million amid the recent market downtrend. The outflows were large among crypto exchanges in Europe and America, accounting for 39% and 61% respectively.
A significant percentage of the outflow was Bitcoin-related, followed by Ethereum investment products. Bitcoin outflow totaled $132 million with inflow at $2 million. Ethereum’s outflow was at $15.3 million bringing its overall amount to $126 million since its inception.
The report further noted that blockchain equities inflow was at $32 million while altcon and multi-asset management products were flowing at $6 million and $5 million respectively.
Investors Took Profit
Since reaching an all-time high price of $69,000 last November, Bitcoin has struggled to stay above $45,000. Although the leading cryptocurrency enjoyed a breakout above $47,000 towards the end of Q1, it was unable to sustain the upward trend and has lost more than 10% of its value within the past three days.
According to CoinShares, investors may have taken profit as a result of the upward trend, which saw trading volume for investment products fall to $2.5 billion compared to 2022 average of $2.9 billion.
However, the trading volume for investment products only amount 7.6% of Bitcoin total volumes. Investors still trade $2.3 billion daily on mainstream crypto exchanges, the report added.
At the time of writing, the crypto market is down with Bitcoin trading around the $40,000 region and Ether hovering around $3,000.
Meanwhile, Coinfomania reported last month that Ethereum saw a massive outflow from crypto exchanges following a short pump. The report noted that around $446.1 million worth of Ether were withdrawn from exchanges within a day.
Source: https://coinfomania.com/over-134m-withdrawn-from-crypto-funds/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=over-134m-withdrawn-from-crypto-funds