The cryptocurrency market for the week ending March 18 saw the market entering its second week of outflows, a report by asset manager CoinShares revealed Monday.
In total, more than $47 million worth of funds were removed from digital asset investment products, most of which were concentrated in North America. While the attitude towards the market is evidently negative, the outflows were half of what was recorded the week before.
The report suggested continued regulatory tensions and geopolitical issues over the Ukraine-Russia war as the key reasons behind the negative sentiment. “Since the conflict began, we have seen trading volumes rise by 160% and 150%in Ukraine and Russia respectively,” CoinShares noted.
A chunk of outflows came from Bitcoin, which recorded $33 million in outflows. On the other hand, price levels of the currency saw an upward trajectory, stretching from $38,000 last week to almost $43,000 at the time of writing.
The second-largest cryptocurrency Ethereum also recorded outflows, totaling US$17m last week. The outflows are significantly less than the $50 million logged last week. At press time, the currency just broke above the $3,000 level, up by 3.47% from yesterday.
Contrary to Ethereum, most other Altcoins recorded inflows for the week. In total, investors added $1.1 million, $0.8 million, and $0.7 million worth of Ripple, Polkadot, and Solana, respectively.