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The digital asset market took a beating this week. The digital asset market saw small outflows of up to $9 million, totaling $1 billion. The current market size is 55% smaller than it was on average last year. This is indicative of a market that is struggling to find its footing. This is a worrying trend for investors, as it shows that the market is still very volatile and prone to sudden drops.
Digital asset investment products such as coins and tokens saw a total loss of $1 billion in small transactions between Aug. 15 and Aug. 21, according to data from Coinshares. This represents a 55% decrease from the year average and the second lowest level seen so far in 2022.
The majority of the losses came from the U.S., Germany, and Sweden, which recorded outflows of $10 million, $2.4 million, and $2.1 million, respectively. Smaller inflows were recorded from Brazil ($2.5 million), and Switzerland ($1.9 million).
Despite inflows, the market fell to its second-lowest level of the year, indicating investors’ low participation and interest. Last week’s upwards price movement might have also kindled sales from investors looking for short-term gains.
Bitcoin had an outflow of $15 million in the week of August 15th to 21st, following outflows of $29 million and $21 million in the weeks of August 8th to 14th and August 1st to 7th respectively. However, Short-Bitcoin had minor inflows of up to $0.2 million.
Ethereum saw a turn in the negative sentiment and recorded inflows of up to $3 million. The asset has been experiencing inflows for the past nine weeks, totaling $162 million. This could be due to the upcoming merge.
Cardano also saw a small inflow of $0.5 million, while Solana experienced an outflow of $1.4 million. Blockchain equities also generally saw outflows, losing a total of $1.6 million.
About Me:
Kat Palomo is the Growth Manager at Finblox. Finblox is a next-generation crypto ecosystem that enables users to buy, spend, earn, and game with their crypto all from one platform.
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