- September 11, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Solana slid into the outflow column this week as Bitcoin’s outflows streak continued.
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:
“We believe continued worries over regulation of the asset class and recent dollar strength are the most likely reasons for this. Trading volumes also dropped significantly, by 73% in comparison to the prior week to just US$754 million for the week.”
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
