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XRP Defies Market Trends: Crypto Assets Witness 4th Consecutive Week of Outflows, but XRP Bucks the Trend

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Cryptocurrency Asset Outflows Reach $249 Million Over Four Consecutive Weeks

Bitcoin Dominates Outflows

  • Bitcoin experienced $68.9 million in outflows
  • Short Bitcoin saw inflows of $15.2 million
  • XRP contributed $0.7 million in outflows

Regulatory and Financial Market Insecurity to Blame

According to CoinShares, the streak of outflows is due to regulatory and financial market insecurity. Trading volumes also dropped significantly by 73% compared to the prior week.

Solana’s Run Comes to an End

Solana, previously considered the most loved altcoin amongst investors, experienced $1.1 million in outflows after nine weeks of inflows totaling $14.1 million.

Ether Trails Behind Bitcoin

Ether had outflows of $4.8 million, making it the second highest after Bitcoin. CoinShares has labeled Ether as the “least loved digital asset amongst ETP investors this year” with year-to-date outflows totaling $108 million.

Geographical Outflows

  • Brazil registered modest inflows of $0.1 million
  • Germany, Canada, and the United States led with outflows of $20 million, $17.6 million, and $12.3 million, respectively
  • Switzerland and Sweden experienced significant outflows, losing $7.4 million and $2.3 million, respectively

Negative Sentiment for Bitcoin

Expert analysts predict a continuation of Bitcoin’s slump, with some expecting the coin to reach as low as $20,000. This negative sentiment could contribute to further outflows, as the current four-week run suggests that altcoins are unlikely to upset the balance of flows.

Related: Double top ‘likely’ confirmed — 5 things to know in Bitcoin this week

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Crypto flows. Source: CoinShares

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