Bitcoin Sees Largest Weekly Outflows
Bitcoin, the world’s most valuable digital currency, reported its largest weekly outflows on record last week after $21 million worth of investment left BTC-related products. Significant outflows were also reported in XRP and Binance Coin (BNB).
According to the latest digital asset weekly flows report published by CoinShares, overall flows into crypto-related investment products stood at $1.3 million last week, the lowest figure since October 2020. The report also highlighted Bitcoin mining issues in China.
Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!
Apart from the poor performance of Bitcoin, CoinShares outlined consistent growth in Ethereum-related investment products. The world’s second-largest digital currency attracted product inflows of $34 million as the total inflows into ETH investment products reached $792 million since the start of this year.
“Flows for digital asset investment products slowed to their lowest weekly figure since October 2020 at just $1.3 million. Worries over Bitcoin mining issues in China spooked the market with asset under management (AUM) $10 Billion lower than the previous week. AUM now sits at around $54 billion,” CoinShares mentioned in the report.
During the third week of April, XRP reported a massive jump in weekly institutional inflows as the world’s 4th most valuable cryptocurrency attracted $33 million. Bitcoin saw inflows of $108 million during the same week.
BTC has seen a volatile week as the price of the cryptocurrency moved nearly 15% within the last few days. Bitcoin touched a low of $47,500 on 26 April but the latest recovery has pushed the price above $53,000. As of writing, the price of BTC is trading near $53,900, a jump of nearly 4% in the last 24 hours. The overall market cap of Bitcoin regained the $1 trillion level on Tuesday. However, the latest recovery in BTC price remained slower than several other digital currencies including Ethereum, Binance Coin, and XRP. ETH, BNB, and XRP are up by more than 10% in the last 7 days.
Bitcoin’s market dominance reached 49.5% on Tuesday, its lowest level in nearly 3 years.
Source: Read Full Article