According to a recent weekly report on cryptocurrency investment funds from digital asset management firm CoinShares, crypto outflows from exchanges last week were the second greatest weekly outflow this year.
During the recent market downturn, crypto investment products saw a total outflow of roughly $134 million, according to the research. Crypto exchanges in Europe and America saw huge outflows, accounting for 39 percent and 61 percent of total outflows, respectively.
Bitcoin investment products accounted for a large portion of the outflow, followed by Ethereum investment products. The overall outflow of bitcoin was $132 million, while the inflow was $2 million. Ethereum’s outflow was $15.3 million, bringing the total amount since its start to $126 million.
According to the research, blockchain equities received $32 million in inflows, while altcon and multi-asset management products received $6 million and $5 million, respectively.
Bitcoin has failed to maintain over $45,000 since hitting an all-time high of $69,000 last November. Despite a breakout above $47,000 near the end of Q1, the leading cryptocurrency was unable to maintain the upward trend and has lost more than 10% of its value in the last three days.
According to CoinShares, investors may have profited from the increasing trend, with investment product trade volume falling to $2.5 billion from a 2022 average of $2.9 billion.
The trading volume for investment items, on the other hand, accounts for only 7.6% of overall Bitcoin volumes. According to the survey, investors still trade $2.3 billion worth of cryptocurrency on major exchanges every day.
The crypto market is now down, with Bitcoin trading about $40,000 and Ether hanging around $3,000 at the time of writing.
Meanwhile, Ethereum had a large exodus from crypto exchanges during a short boost last month, according to reports. A total of $446.1 million worth of Ether was removed from exchanges in a single day, according to the study.