One of the world’s largest cryptocurrency investment companies, CoinShares, released a research report yesterday (18th), stating that after experiencing 11 consecutive weeks of net capital inflows, the cryptocurrency market saw a net outflow of $16 million last week.
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Table of Contents:
Bitcoin funds outflow $33 million
Altcoins rise against the trend
Grayscale CEO: BTC market cap could reach $30 trillion
After 8 consecutive weeks of increase, Bitcoin’s upward trend seems to be under pressure, with multiple dips near $40,000 in the past week. Against this backdrop, CoinShares, one of the world’s largest cryptocurrency investment companies, released a research report yesterday (18th), stating that the cryptocurrency market experienced net capital outflows for the first time after 11 consecutive weeks of inflows.
Bitcoin funds outflow $33 million
The CoinShares report pointed out that the entire cryptocurrency market saw a net outflow of $16 million last week. In terms of regions, the outflow of funds was mainly concentrated in the United States, amounting to $18 million, followed by Germany with $10 million. In contrast, Canada and Switzerland saw continuous inflows of funds, amounting to $6.9 million and $9.1 million, respectively.
Among them, Bitcoin experienced the most severe outflow of funds, reaching $33 million. However, James Butterfill, Head of Research at CoinShares, explained this situation as follows:
Altcoins rise against the trend
Although Bitcoin has faced upward pressure recently, CoinShares pointed out that altcoins performed well last week, attracting $21 million in capital inflows. The main beneficiaries were Solana, Cardano, Ripple, and Chainlink, with inflows of $10.6 million, $3 million, $2.7 million, and $2 million, respectively. However, the second-largest cryptocurrency, ETH, and the established public chain Avalanche did not fare as well, with outflows of $4.4 million and $1 million, respectively.
Grayscale CEO: BTC market cap could reach $30 trillion
Although the Bitcoin market has recently shown signs of weakness, the market does not believe that the cryptocurrency is still in a bearish winter, considering expectations for the approval of the Bitcoin spot ETF in January next year, the Bitcoin halving event in April, and the positive monetary policy signals released by the US Federal Reserve at the December FOMC meeting. Michael Sonnenshein, CEO of Grayscale, a US asset management company, recently stated in an interview with CNBC that the approval of the Bitcoin spot ETF will bring BTC into the $30 trillion wealth management market.
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