Last Updated on September 18, 2023 by Bitfinsider
Another week of withdrawals from digital asset investment products was witnessed, with Bitcoin accounting for 85% of the outflows. Despite major corrections in these cryptocurrencies, investors are still pouring money into XRP, Solana, and Cardano. The main source of the unfavourable attitude in the face of stringent regulations is American investors.
The most recent data from CoinShares on September 18 shows that there were $54 million in total withdrawals from digital asset investment products last week.
85% of all outflows from Bitcoin were recorded at $45 million. Despite $3.8 million in withdrawals, short bitcoin continues to be the most popular investment product, with inflows of $12 million so far this month. That takes place while the US SEC postpones making a decision on a spot Bitcoin ETF until mid-October.
$4.8 million was also taken out of Ethereum despite the platform’s higher staking yield demand and stronger investing fundamentals. A few other cryptocurrencies, such BNB and Polygon (MATIC), are still seeing slight withdrawals.
Nevertheless, with inflows of $0.7 million, $0.43 million, and $0.13 million, respectively, Solana, Cardano, and XRP continue to draw in investors. Prices for Solana, Cardano, and XRP have increased by 11%, 5%, and 7% in the past week.
Investor sentiment is being impacted by the strict regulatory environment in the United States. Rather than protecting investors, the anti-crypto policies of the SEC and the US government are hurting cryptocurrency investors.
In the past day, the price of bitcoin has increased by over 2%, and it is presently trading at $27,281. $26415 is the 24-hour low, and $27268 is the 24-hour high.
Additionally, the trading volume has surged by 70% in the last day, suggesting that traders are interested. It takes place when open interest increases following Bitcoin’s higher week-end price.
Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.