As the downward trend in Bitcoin deepens, this decline has also reflected on altcoins. Ethereum, which marked a new ATH over the weekend and surpassed $4,900, has also dropped to levels around $4,620.
While this decline is likely to continue in the short term, CoinShares published its weekly cryptocurrency report, stating that there was an outflow of $1.43 billion last week.
Cryptocurrency investment products saw the largest outflow since March due to fears that the FED would take action, with an outflow of $1.43 billion last week, while ETP trading volume rose to $38 billion.
Bitcoin Saw the Most Outflow, Ethereum Was Revived by Powell!
When looking at crypto funds individually, it was observed that the majority of outflows were in Bitcoin.
While Bitcoin experienced an outflow of $1.03 billion, Ethereum (ETH) also saw an outflow of $440.9 million.
Looking at other altcoins, while the positive atmosphere in XRP continues with an inflow of $25 million, Solana (SOL) saw an inflow of $12 million, Cronos (CRO) $4.4 million, and Cardano (ADA) $2.9 million, while Sui (SUI) experienced an outflow of $12.9 million and Toncoin (TON) $1.5 million.
The tone change of FED Chairman Jerome Powell at Jackson Hole was more strongly reflected in Ethereum than in Bitcoin. Ethereum experienced a sharp recovery mid-week, limiting outflows to $440 million compared to Bitcoin's $1 billion outflow.
There was an influx into many altcoins; the most notable among them were XRP ($25 million), Solana ($12 million), and Cronos ($4.4 million). Sui and Ton were most affected with outflows of $12.9 million and $1.5 million, respectively.
Cronos (CRO) surprised the market with its unexpected surge. Recall that Trump Media and Technology Group, the company behind US President Donald Trump's media company Truth Social, had signed an agreement with the Cryptocom exchange to launch altcoin ETFs.
When examining regional fund inflows and outflows, the US ranked first with an outflow of $1.31 billion.
After the US, Sweden experienced an outflow of $135.5 million, and Switzerland saw an outflow of $11.8 million.
In the face of these outflows, Germany saw an inflow of $18.4 million, while Canada experienced an inflow of $3.7 million.
Stay tuned for current developments.