Crypto Record Outflows Trigger Bitcoin Price Drop of $28.8k


Bitcoin’s price fell to $28,800 across major exchanges last Monday, while Ethereum hit lows near $1,800. The same day, stocks showed signs of uncertainty with mixed trading.

Crypto investment products also saw outflows totaling $107 million, with Bitcoin as the primary focus of these outflows.

Midday trading on Monday saw the S&P 500 and Dow Jones Industrial Average hold slightly positive ground at 0.5% and 0.9% respectively. Meanwhile, the tech-heavy Nasdaq Composite and Russell 2000 were down 0.1% and 0.2%.

CoinShares released a weekly report on digital asset investment products flows on Monday. The report showed that Bitcoin had the largest outflows since March, with $111 million in total outflows. Ethereum had outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. XRP had inflows of $0.5 million, and Litecoin and Cardano had inflows of $0.46 million and $0.3 million respectively. Uniswap had outflows of $0.8 million.

James Butterfill, Head of Research at CoinShares, noted that the outflows have likely come due to increased profit taking in recent weeks. Weekly trading volumes for digital asset investment products and on-exchange volumes were also down, standing at 36% and 62% year-to-date respectively.

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