Crypto ETPs faced a major capital outflow last week, highlighting ongoing market struggles.
Capital Withdrawals from Crypto Markets
CoinShares reported that for the fifth consecutive week, investors continue to withdraw funds from crypto ETPs, bringing the total outflow to a record $6.4 billion. Year-to-date gains for ETPs have shrunk to just $912 million, and the market is experiencing 17 days of consecutive outflows, the longest streak since 2015.
US Investors Lead the Sell-Off
Most of the investment decline stemmed from US investors, who comprised 93% of last week's outflows. A total of $1.16 billion was pulled from US crypto ETPs. Major losses were reported by BlackRock, Grayscale, Fidelity, and Ark 21Shares. Bitcoin-related investments were hit hardest, with $978 million withdrawn. Bitcoin's price remained stable at $83,03.68, up 0.53% over the last 24 hours. Ethereum and Solana also saw significant outflows.
XRP Stands Out Amid Struggles
Despite the overall downturn, XRP attracted $1.8 million in investments last week and $7.4 million over the month. XRP has become one of the top-performing assets with $212 million in inflow in 2023, ranking second only to Bitcoin and Ethereum.
Despite challenges in the crypto investment market, XRP continues to show steady growth, garnering interest from investors. However, the situation with investment outflows remains uncertain.
