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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
For the first time in seven weeks, the broader digital currency ecosystem has recorded its first weekly outflow, with more than $942 million taken off the market. According to a report by CoinShares, the massive outflow recorded by Grayscale Bitcoin Trust (GBTC) sparked the downtrend.
The crypto inflow-outflow chart presents an intriguing narrative. The record $942 outflow comes immediately after a week that bagged the biggest inflow since the start of the year. In seven weeks, a total of $12.3 billion has been recorded in total flow into crypto investment products from institutional investors.
For the past week, new Bitcoin ETF issuers raked in $1.1 billion, helping to offset the $2 billion outflows recorded by Grayscale. Consequently, Bitcoin suffered the biggest outflow, with a total of $904 million recorded. Bitcoin’s month-to-date (MTD) inflow comes in at $4.517 billion, while the year-to-date (YTD) figure is pegged at $11.964 billion.
Even though the United States Securities and Exchange Commission (SEC) has not greenlighted a spot Ethereum ETF, ETH suffered a mild outflow for the past week, coming in at $34.2 million. While the YTD figure comes in at $87 million, the MTD is pegged at a $46.4 million loss.
The outflow for the past week underscores the tense setting of the crypto market and the need for a major correction on the market. The outflow was also accompanied by a slowdown in the price of Bitcoin, which dropped to a low of $60,940 from the all-time high (ATH) of $73,750.07 printed 11 days ago.
At the time of writing, Bitcoin’s price is pegged at $67,126.98, up by 2.38% in 24 hours. With the early Monday uptick recorded by the ETF market, a revived accumulation trend might help revive the bullish sentiment that may help BTC end March on a more positive note.