Bitcoin (CRYPTO: BTC) investment products saw the largest outflows since mid-January last week.
What Happened: According to the most recent Digital Asset Fund Flows Weekly Report from CoinShares, Bitcoin funds recorded $132 million in outflows last week.
Ethereum (CRYPTO: ETH) funds saw $15.3 million in outflows while other altcoins remained resilient to profit-taking.
Solana (CRYPTO: SOL) recorded $3.7 million inflows for the week and Cardano (CRYPTO: ADA) investment products saw an influx of $1 million.
Data: Courtesy of Coinshares
Litecoin (CRYPTO: LTC) and Polkadot (CRYPTO: DOT) also saw moderate inflows of $600,000 and $400,000 respectively.
Investors appeared particularly bearish on Bitcoin, with Bitcoin Short investment products seeing inflows totaling $2 million for the week – the largest inflows for these funds on record.
“We believe price appreciation the previous week may have prompted investors to take profits last week,” noted CoinShares.
Price Action: According to data from Benzinga Pro, BTC was trading at $39,571, down 5.8% in the last 24 hours. ETH was trading at $2,972, down 6.14% over the same period.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!