Virtual currency investment outflows from January 1 through January 6 totaled $9.7 million. The negative trend continued for the third consecutive week, CoinShares reported.
For the week, virtual currency assets under management repeated the low of $20.5 billion reached after the collapse of the FTX.
The traditional Bitcoin fund had withdrawals of $6.5 million; a structure that allows shorting one cryptocurrency received $1.2 million.
The Ethereum fund collected $3.1 million. The outflow was eight weeks low.
Among altcoins (excluding Ethereum), traders were concerned about XRP ($3 million inflow, equivalent to 9% of AUM). Experts consider this “more certain about the finality of the SEC’s Ripple process.”
Earlier, BitMEX CEO Arthur Hayes suggested that Bitcoin had bottomed because almost all “irresponsible entities” had sold out of BTC.
Recall that in December, Nansen experts pointed out the dangers of the virtual currency continuing its bearish momentum into 2023. Cannot read all totals. Retry…