Helena Lyng Blak
5 weeks ago

Crypto Sees Largest Outflow in Months, One Coin Takes the Impact

Discover which cryptocurrency led the largest outflow in months and the surprising coins that managed to attract new investments.
Death bitcoin. Coin bitcoin in the gallows on a white background. Isolated. — Photo by Nebasin
Death bitcoin. Coin bitcoin in the gallows on a white background. Isolated. — Photo by Nebasin

Last week (June 10-16) saw the biggest outflow of digital asset investments since late March.

Bitcoin led the downward trajectory with a $621 million outflow, contributing to the total outflow of over $600 million.

According to CoinShares, this most recent dip follows a familiar pattern, last seen on March 22 of this year, when a period of significant inflow was abruptly ended by the Federal Open Market Committee (FOMC) meeting displaying a more hawkish than expected attitude.

Trading volumes dipped significantly, declining to $11 billion for the week of June 10-16. This is considerably below the $22 billion weekly average observed throughout the year.

Not all cryptocurrencies, however, have seen outflows; CryptoBriefing notes that Ethereum, Lido, and XRP all attracted inflows, with Ethereum gaining most significantly, receiving $13 million.

Nevertheless, Ethereum’s price has fallen over the last week, dropping to roughly $3,500, a decline of 4.28%. Despite this, it has soared 15.18% in the last 30 days.

The outlook is less favorable for coins like Solana, which tumbled nearly 10% in the last seven days and slid almost 15% in the last 30 days.

Bitcoin, as expected, does not look too hot either. Its price has dipped below $66,000, signifying a decline of more than 5.40% in the last seven days and putting its 30-day price in the red.

Disclaimer

The information provided by this Site is for general informational purposes only. All information on the Site is provided in good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information on the Site.

More News

4 weeks ago Analysis: New Debate Rules Favor Biden New rules announced for the June 27th debate between Joe Biden and Donald Trump serves the President well.
4 weeks ago StanChart Becomes Among the First Global Banks to Launch Spot Crypto Trading StanChart breaks new ground by launching spot trading for Bitcoin and Ether, leading the charge among global banks in the cryptocurrency space.
4 weeks ago Crypto, Currently: June 21, 2024 - Market Bears Down on Major Cryptos Daily update on the five cryptocurrencies, we consider the most interesting right now.
4 weeks ago FX Daily: June 21, 2024 – Forex Market Update Daily update from the foreign exchange markets.
4 weeks ago Amazon Plans To Make Largest Reduction of Plastic Packaging in North America To Date Amazon's response to mounting criticism over its plastic waste with a new reduction plan.
4 weeks ago Ex-OpenAI Chief Scientist Ilya Sutskever Launches New Company Amid Criticism of ChatGPT Parent's Board Appointments Ilya Sutskever, former chief scientist at OpenAI, has co-founded a new company, Safe Superintelligence Inc., amidst ongoing scrutiny of OpenAI’s recent board appointments.
4 weeks ago FX Daily: June 20, 2024 - Mixed Movements in Global Currency Markets Daily update from the foreign exchange markets.