The outflow of crypto assets during the week of September 3–9 totaled $59.3 million, bringing the four weeks total to $249 million.
Bitcoin saw the most activity last week, with its $68.9 million in outflows being mitigated by $15.2 million in short Bitcoin inflows and $0.7 million from XRP.
Regulatory and financial market vulnerabilities are to blame for the streak, according to CoinShares. Also ending last week was Solana’s recent run. After nine weeks of $14.1 million in inflows, which prompted CoinShares to imply that Solana was “the most popular altcoin among investors,” Solana saw outflows of $1.1 million.
“We believe continued worries over regulation of the asset class and recent dollar strength are the most likely reasons for this. Trading volumes also dropped significantly, by 73% in comparison to the prior week to just US$754 million for the week.”
Ether also experienced outflows for the week, with $4.8 million trailing Bitcoin in a distant second place. With $108 million in outflows so far this year, CoinShares has dubbed Bitcoin the “least popular digital asset among ETP [exchange-traded product] investors.”
Geographically, only Brazil registered inflows of a modest $0.1 million. The United States, Germany, and Canada led outflows with $20 million, $17.6 million, and $12.3 million, respectively.
Switzerland and Sweden both experienced significant outflows, with Switzerland losing $7.4 million and Sweden an additional $2.3 million. Some analysts anticipate that Bitcoin’s price will fall as low as $20,000 based on their projections.
This negative sentiment may contribute to further outflows, as the current four-week run suggests that altcoins are unlikely to disturb the equilibrium of flows.