Ethereum has reached $ 126 million of drains since the beginning of the year, altts remain stable

Ethereum has reached $ 126 million of drains since the beginning of the year, altts remain stable

investors deducted $ 135 million from cryptocurrency plant products, which, according to data from the investment company for digital assets, was the second largest week of drainage in 2022.

"The trade volumes for investment products were low and were traded at $ 2.5 billion a week compared to an average of $ 2.9 billion," James Butterfill, head of research at Coinshares, wrote in the report. "We believe that the price increase in the previous week could have prompted investors to take profits with them last week."

Bitcoin led the decline in drains of $ 131.8 million, and even as Miamis Bitcoin 2022 conference, the headlines dominated.

"Bitcoin is under pressure because the sale at the bond market is resumed, which leads to a widespread sale of risky assets," said Edward Moya, Senior Market Analyst at OAnda. "The Bitcoin 2022 conference was more of a party than a groundbreaking event that will stimulate the next round of massive investments in cryptos."

Bitcoin has problems because rising interest rates for many traders lead to a moment of risk mining, added Moya and reflected a wider trend, watching analysts in large technology stocks.

"Bitcoin volumes do not indicate a significant stress among investors, since investment products only make up 7.6 % of the total Bitcoin volume, just above the long-term average of 7 %," wrote Butterfill. "However, the entire Bitcoin volume remains under average at $ 2.3 billion a day compared to $ 3 billion (on trustworthy stock exchanges)."

Ethereum lost $ 15.3 million last week, with which the second largest cryptocurrency in 2022 has so far recorded $ 126 million in drains.

The alternative coins Solana, Litecoin, Cardano and other traces listed-with Solana, a top competitor of Ethereum, is at the top with $ 3.7 million.

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The contribution Ethereum Hits $ 126m in Year-to-date outflows, Alts Remain Steady is not a financial advice.