Thursday, January 27, 2022

Crypto investment products experienced large outflows before the recent crash.

The Takeaway:

The crypto market witnessed a strong recovery on Tuesday but not before the digital asset investment products experienced large outflows on Friday, before the recent crash.

ADVERTISEMENTKillerlaunch domains

The crypto market witnessed a strong recovery on Tuesday but not before the digital asset investment products experienced large outflows on Friday last week, a day before the market crash. However, the overall flow remained positive. In the recent week, digital asset investment products saw inflows totaling $184 million. Bitcoin witnessed inflows worth $145 million. On the other hand, ETH-related inflows stood at $25 million. The crypto industry has witnessed a significant rise in institutional investment this year.

 

Ethereum’s outflows also spiked on Friday.

Second-leading cryptocurrency Ethereum’s outflows also spiked on Friday. Investment products related to the cryptocurrency saw $4.7 million worth of outflows on Friday. Solana experienced decent inflows during the last week. “Digital asset investment products saw inflows totaling US$184m last week, with prices in Bitcoin falling 7% over the same period, suggesting investors continue to see recent price weakness as a buying opportunity,” the report stated. “Although the sharp price weakness at the end week did lead to US$40m of outflows late Friday. Crypto asset Bitcoin saw inflows totaling US$145m last week, although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” the report added. 

 

Bitcoin and other altcoins are now in green.

Trading volumes of Bitcoin and other crypto-assets climbed substantially during the last week. On Friday, the leading crypto’s volumes touched $15 billion, compared to the daily average of $8 billion in November. The latest price volatility has played an important role in Bitcoin’s surging trading volumes. Over the weekend, bitcoin went as low as $42,000 before recovering. The crypto market witnessed a ‘flash crash’ on Saturday morning. However, it did not stay there for long as it recovered quickly to trade around $47,000. At the time of writing, bitcoin is trading above $51,000. 

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave A Reply

Please enter your comment!
Please enter your name here