Asset outflow Cryptocurrency For the week of September 3 to September 9, it totaled $59.3 million, bringing the current tally to $249 million over four consecutive weeks.
Bitcoin (BTC) experienced massive outflows last week. The outflow was $68.9 million and was offset by short inflows of $15.2 million from Bitcoin and $0.7 million from XRP (XRP).
According to CoinShares, regulatory and financial market instability are the main factors.causeMain :
“We believe continued concerns about the regulation of the asset class and the recent strengthening of the dollar are the most likely reasons for this. Trading volume also decreased significantly, by 73% compared to the previous week, to just US$754 million for the week.”
Ether ( ETH ) also experienced outflows this week, with a value of $4.8 million trailing only Bitcoin. And with year-over-year outflows now totaling $108 million, CoinShares has stated that “The least preferred digital asset among investors is ETP (exchange-traded product) this year.”
Expert Analysts Predict Bitcoin’s Continued Deterioration With some expecting the coin to hit as low as $20,000, these negative sentiments could result in additional outflows.
refer : cointelegraph
picture cointribune
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