The cryptocurrency market for the week ending April 8 saw investors withdrawing $134 million worth of investments from the market, CoinShares revealed in its digital asset fund flows weekly report Monday. The report has revealed it to be the second-largest weekly net outflows posted for this year.
The sentiment is in contrast to previous week’s when the market recorded inflows worth $180 million for the week leading up to April 1.
Bitcoin was responsible for nearly all of the outflows, with investors removing $132 million from Bitcoin-related investment products. Price action-wise, the king crypto is down by 1.74% today, trading at $40,382 at the time of writing. In comparison, Bitcoin almost reached $48,000 earlier this month.
“Trading volumes were low for investment products, trading US$2.5bn for the week versus the year average of US$2.9bn. We believe price appreciation the previous week may have prompted investors to take profits last week,” the report reasoned. In addition to Bitcoin, Ethereum also posted outflows worth $15.3 million last week.