Digital Asset Market Lost $1 Billion Last Week
Digital asset investment products have lost a total of $1 billion in small trades (up to $9 million) between August 15 and August 21, down to 55% of their total. The year’s average and the second low in 2022, as reported by Coinshares weekly.
Much of the decline came from the US, Germany, and Sweden. Countries recorded outflows of $10 million, $2.4 million, and $2.1 million, respectively. Small inflows were recorded from Brazil, with $2.5 million, and Switzerland, with $1.9 million.
Even so, the market fell to its second low of the year, showing low levels of investor participation. Last week’s upward price movement could also boost sales from investors looking for short-term profits.
Cash flow of assets
Bitcoin recorded its third consecutive week of dumps, losing a total of $15 million between August 15-21. Outflows were recorded at $29 million and $21 million, respectively, for the weeks of August 8 to August 14 and August 1 to August 7. Short-Bitcoin, on the other hand, recorded a small outflow of $0.2 million.
Ethereum, on the other hand, has a negative sentiment and recorded an outflow of up to $3 million. The property has closed for weeks with inflows since mid-June, which could be thanks to Merge. The 9-week entry is equivalent to $162 million.
Regarding other altcoins, Cardano recorded a small inflow of $0.5 million, while Solana ended the week with an outflow of $1.4 million. Blockchain stocks also moved in tandem with the overall market outflow, losing $1.6 million in total.
While the overall market recorded losses, European exchanges recorded significant inflows totaling $20 million. On the other hand, exchanges from North and South America saw an outflow of $36 million last week.