Following a sharp decline in Bitcoin and alternative cryptocurrencies, recovery is underway. Bitcoin has surpassed $115,000, positively impacting altcoins.
General Trends in the Crypto Market
According to the weekly report by CoinShares, despite rising prices, the cryptocurrency market recorded an outflow of $223 million last week.
> “Cryptocurrency investment products saw an outflow of $223 million, compared to an $883 million inflow at the beginning of the week.” CITE_NA.
This may be a reaction to the Fed's hawkish signals and better-than-expected U.S economic data.
Outflows and Inflows by Individual Cryptocurrencies
Among individual cryptocurrency funds, Bitcoin noted the largest outflows, experiencing a loss of $404 million. In contrast, Ethereum reported a positive inflow of $133.9 million.
> “Bitcoin was hit the hardest by adverse market conditions, seeing outflows of $404 million during the week.” CITE_NA.
Also, XRP, Solana, and other altcoins reportedly experienced modest inflows.
Regional Outflows and Inflows
Reports indicate that the USA led the outflows with a sum of $383 million. Germany recorded an outflow of $35.5 million, and Sweden $33.3 million. However, Hong Kong and Switzerland reflected inflows of $170.4 million and $52.4 million respectively.
The recovery in the cryptocurrency market continues, yet the current outflows suggest a need for investor caution. The coming weeks will determine if inflows into leading cryptocurrencies will resume.
