Last week, global crypto investment products saw a net outflow of $508 million, extending a two-week decline to $924 million.
Current State of the Crypto Market
Crypto funds, including those from Fidelity, BlackRock, and Grayscale, experienced significant outflows. According to CoinShares, redemptions amounted to $508 million. Analysts attribute the decline to investor caution amid economic uncertainties.
Bitcoin and Altcoins Standpoint
Bitcoin faced the largest withdrawals with $571 million. Meanwhile, short Bitcoin products saw $2.8 million in inflows. XRP recorded $38.3 million in inflows, while other altcoins like Solana and Ethereum saw positive gains.
Decline in Bitcoin Blockchain Activity
Declining activity on the Bitcoin blockchain became apparent, with data showing a drop in 90-day active supply, indicating reduced demand.
The decrease in activity and outflows in Bitcoin highlight investor uncertainty in the current economic environment, while interest in altcoins remains strong.
