It’s a big week for crypto markets as everyone’s watching the FED’s interest rate decision. Amidst this anticipation, Coinshares just dropped their weekly crypto report, revealing a significant outflow of $1.7 billion last week.

“For the fifth week in a row, cryptocurrency investment products experienced outflows, hitting $1.7 billion. This continues a negative trend, pushing the total outflow to a staggering $6.4 billion over the past 17 weeks.”

Bitcoin Hit Hardest by Outflows

Breaking down the numbers, Bitcoin funds took the biggest hit, accounting for the majority of these outflows.

Bitcoin saw a massive $978 million leave its funds, while Ethereum followed with a significant $176 million outflow.

Looking at the altcoin landscape, we see a mixed bag. XRP stood out with inflows of $1.8 million, but Cardano, Solana, and SUI all saw outflows, with Cardano at $0.4 million, Solana at $2.2 million, and SUI at $0.6 million.

“Bitcoin’s bleeding continued with another $978 million exiting funds, pushing its total outflows over the last five weeks to a staggering $5.4 billion.

Ethereum and Solana also felt the pressure, with outflows of $175 million and $2.2 million, respectively. Interestingly, XRP remained an outlier, attracting another $1.8 million in inflows.”

Zooming in on regions, the US led the pack in outflows with a massive $1.16 billion leaving crypto funds.

Following closely behind was Switzerland, experiencing outflows of $527.7 million.

On the flip side, Germany and Brazil bucked the trend slightly, seeing modest inflows of $8 million and $4.2 million, respectively.

*Please remember, this is not financial advice.