Bitcoin Outflows Continue as Solana Slides: Weekly Crypto Asset Report
Weekly cryptocurrency asset report showing Bitcoin's continued outflows and Solana's slide, along with the reasons behind the streak and the impact on other altcoins.
Posted 10 months ago in Bitcoin
Cryptocurrency asset outflows for the week of Sept. 3 through 9 totaled $59.3 million, bringing the current run to $249 million over four consecutive weeks. Bitcoin (BTC) experienced the bulk of activity last week, with its $68.9 million in outflows offset by Short Bitcoin inflows in the amount of $15.2 million and $0.7 million from XRP (XRP).
According to CoinShares, regulatory and financial market insecurity are to blame for the streak: Last week also brought an end to Solana’s (SOL) recent run. After nine weeks of inflows totaling $14.1 million prompted CoinShares to suggest that it was “the most loved altcoin amongst investors,” Solana saw $1.1 million in outflows.
Ether (ETH) also experienced outflows for the week, with its $4.8 million trailing a distant second behind Bitcoin. With its year-to-date outflows now totaling $108 million, CoinShares has labeled it the “least loved digital asset amongst ETP [exchange-traded product] investors this year.”
Geographically, only Brazil registered inflows with a modest $0.1 million. Germany, Canada, and the United States led activity with $20 million, $17.6 million and $12.3 million in outflows, respectively. Switzerland and Sweden also experienced significant outflows, with the former losing $7.4 million and the latter another $2.3 million.
Expert analysts are predicting a continuation of Bitcoin’s slump, with some expecting the coin to reach as low as $20,000. This negative sentiment could contribute to further outflows, as the current four-week run seems to indicate that altcoins are unlikely to upset the balance of flows one way or the other.
Related: Double top ‘likely’ confirmed — 5 things to know in Bitcoin this week
Last updated 9/11/2023, 9:08:37 PM
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