๐ข According to PANews, a recent CoinShares report reveals that digital asset investment products have faced their third consecutive week of outflows, hitting a record $2.9 billion last week ๐. Over the past three weeks, total outflows have reached $3.8 billion.
๐ฐ Bitcoin (BTC) took the biggest hit, with $2.59 billion withdrawn, while short Bitcoin products saw a modest inflow of $23 million. The majority of outflows came from ๐บ๐ธ U.S. ($2.87B), ๐จ๐ญ Switzerland ($73M), and ๐จ๐ฆ Canada ($16.9M). However, German investors took advantage of the dip, contributing $55.3 million in inflows ๐ฉ๐ช๐.
๐ฃ Ethereum (ETH) recorded its largest single-week outflow of $300 million, while Solana (SOL) ๐ and Toncoin (TON) ๐ experienced outflows of $7.4 million and $22.6 million, respectively.
๐ Top Gainers:
โ Sui (SUI) ๐ led the inflows with $15.5 million, followed by XRP ๐ง with $5 million.
๐ Even blockchain equities werenโt spared, suffering $25.3 million in outflows.
๐ CoinShares analysts attribute the weak market sentiment to:
โ ๏ธ Bybit hacking incident ๐
๐ Federal Reserve's hawkish stance ๐ฆ
๐ฐ Profit-taking after $29 billion in inflows over the past 19 weeks.
#BTC ๐ต #ETH ๐ด #CryptoMarket ๐๐
