Cryptocurrency asset outflows totaled $59.3 million in the week of September 3-9, bringing the current four-week outflow to $249 million.
Bitcoin (BTC) saw most of the activity last week, with its $68.9 million outflow offset by $15.2 million in short Bitcoin inflows and $0.7 million in XRP (XRP) inflows.
According to CoinShares, regulation and financial market insecurity will lead to blame For winning streak:
“We believe continued concerns about asset class regulation and the recent strength of the U.S. dollar are the most likely reasons. Trading volume also fell significantly this week, down 73% from the previous week to just $754 million.”
Last week also ended Solana’s (SOL) recent run. Nine weeks in total inflows of $14.1 million prompted CoinShares to call it the “most popular altcoin among investors,” but Solana has seen outflows of $1.1 million.
Ethereum (ETH) has also experienced outflows this week and is worth $4.8 million, lagging far behind Bitcoin. Year-to-date outflows total $108 million, with CoinShares calling it “the least popular digital asset among ETP (exchange-traded product) investors this year.”
Geographically, only Brazil saw inflows of $100,000. Germany, Canada and the United States led the list with outflows of US$20 million, US$17.6 million and US$12.3 million respectively.
Switzerland and Sweden also experienced significant outflows, with the former losing $7.4 million and the latter losing a further $2.3 million.
Expert analysts predict that Bitcoin will continue to plummet, with some predicting that the price will fall to $20,000. This negative sentiment could lead to further outflows, as the current four-week trend seems to indicate that altcoins are unlikely to disrupt the balance of capital flows in some way.
related: Double Top ‘Could’ Be Confirmed – 5 Things to Know About Bitcoin This Week
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