Withdrawals of cryptoassets during the week of September 3-9 totaled $59.3 million, bringing the current streak of $249 million to four consecutive weeks.
Bitcoin saw the most activity last week, with withdrawals totaling $68.9 million, offset by Short Bitcoin inflows worth $15.2 million and $0.7 million in XRP.
According to CoinShares, uncertainty in the regulatory and financial markets is the reason for this streak:
“We believe that ongoing regulatory concerns in the asset class and the recent strength of the dollar are the most likely reasons for this. In addition, trading volumes also decreased significantly, below 73 % compared to last week, which only reached USD 754 million in the week.
Last week also marked the end of Solana’s recent positive streak. After nine weeks of outflows worth $14.1 million, leading CoinShares to suggest it is “investors’ most expensive altcoin,” Solana recorded withdrawals worth $1.1 million.
Ethereum also saw withdrawals for the week, with $4.8 million, falling behind Bitcoin. With its cumulative withdrawals so far this year reaching $108 million, CoinShares called it “the least loved digital asset among ETP investors this year.”
Geographically, only Brazil recorded deposits, with a meager USD 0.1 million. Germany, Canada and the United States led the movement with withdrawals of 20, 17.6 and 12.3 million dollars, respectively.
Switzerland and Sweden also experienced significant withdrawals, with the former losing $7.4 million and the latter another $2.3 million.
Expert analysts predict a continuation of Bitcoin’s decline, with some expecting the coin to reach below $20,000. This negative sentiment may contribute to further pullbacks, as the current four-week streak seems to indicate that altcoins are unlikely to upset the balance of flows one way or the other.