- BTC saw the most outflows.
- Altcoins also saw outflows, though smaller than BTC.
- Weekly trading volume is as low as it was in 2019.
The current bear market is one of the roughest ones in the history of crypto. Multiple companies have gone bust, and asset prices continue to be suppressed.
On top of that, weekly volume trading is becoming non-existent amid ongoing crypto outflows.
Crypto Outflows Continue
Digital asset prices are still much higher than before the pandemic hit. However, the crypto market continues to see outflows.
According to data from CoinShares, digital asset investment products saw outflows totaling $32 million this past week. The last week was the fifth consecutive week of outflows. In total, $232 million have left the crypto market in the previous five weeks.
Bitcoin (BTC) saw most of the outflows ($33 million), while Ethereum (ETH) saw $1 million leaving. CoinShares also pointed out that short-BTC also saw outflows of $1.3 million last week and said it couldn’t explain the negative sentiment across the board.
“It is unclear why there is such coordinated negative sentiment for both long and short investment products.”
Meanwhile, weekly trading volume has also hit historic lows.
Weekly Trading Volume Hits Historical Lows
It seems like traders and investors aren’t that particularly interested in BTC, ETH, or any other digital asset.
According to data from Santiment, BTC and ETH combined volume, last week was the lowest since at least September 2019. Needless to say, the volume of all of the rest of cryptocurrencies has also dried up.
ETH is currently trading at $1,853, according to data from CoinGecko. BTC is trading at $27,285.
On the Flipside
- Digital asset prices stay elevated compared to before the pandemic hit.
Why This Matters
Knowing crypto outflows/inflows and weekly trading volume can benefit crypto investors and traders alike.
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