For the fourth consecutive week, investors are withdrawing money from the crypto market, according to CoinShares. The total outflow figure this week stands at $251 million.
Despite good results from Hong Kong spot ETFs, which raised $307 million in just seven days, this was not enough to offset the outflows.
US ETFs and the strong selling pressure triggered by the recent Bitcoin correction are considered the main culprits of the outflows.
The average purchase price of the ETFs was around $62,200, and many sell orders may have been triggered by BTC dropping more than 10%.
Curiously, this week it is Bitcoin that has recorded the heaviest outflows, with 284 million dollars in outflows, while Ethereum has finally interrupted its 7-week negative streak with 30 million dollars in inflows, as well as increases in Avalanche inflows , Cardano and Polkadot ($0.5 million, $0.4 million and $0.3 million, respectively).
The last relevant data concerns the last week in which the BTC ETFs saw a net inflow of 217 million dollars, almost 100 from Fidelity, around 75 from Ark Invest/21Shares and in which Grayscale also contributed with 3.9 million of dollars.
Although there is no direct link, the trend of ETFs once again appears to follow the price of Bitcoin, which has returned to growth after losing the $60k support.
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