crypto market under pressure: fifth week in a row with records of 1.7 billion

<p> <strong> crypto market under pressure: fifth week in a row with records of 1.7 billion </strong> </p>

continued capital outflows in the crypto market

The crypto market has been experiencing a significant outflow for several weeks. The current report by CoinShares is documenting that this trend is already in the fifth week in a row and above all affects Bitcoin (BTC). The course of the largest cryptocurrency continued to move below the 90,000 USD mark.

crypto drains rise to almost 1.7 billion USD

Overall, the crypto drains reached 1.687 billion USD, which raises the cumulative losses to USD 6.4 billion during this negative phase. This represents the 17th day in a row, on which capital outflows occur, and marks the longest uninterrupted period since 2015. Despite these Baisse, the inflows have remained positive since the beginning of the year with a total of $ 912 million. However, the correction of the market and the constant drains led to a decline in the managed assets (AUM) by $ 48 billion in digital investment products.

At Bitcoin, the drains are still the highest. In the past week, these an additional $ 978 million was, which is $ 5.4 billion in the past five weeks. Short-Bitcoin positions also recorded declines of USD 3.6 million, which indicates a general decline in bear bets on the leading cryptocurrency.

Source: Coinshares report

While most digital assets had to accept losses, XRP showed a positive development with additional tributaries of USD 1.8 million. This optimism could be due to the hope that the long-term legal dispute between Ripple and the US stock exchange inspectorate (SEC) will soon be completed and may lead to a new classification of XRP as a raw material.

A striking event during this decline was the almost complete wipe out of the managed assets of the Bony exchange. The exit of an important seed investor meant that Binance could only record 15 million USD to remaining AUM.

This persistent decline follows a trend of persistent negative mood on the market. In the previous week, the drains reached 876 million USD, with US investors listing the market liquidations. Previously, the drains recorded almost $ 3 billion due to the weak investor's mood and growing fears on the market.

The ongoing capital outflows and the decline in the AUM numbers indicate that confidence in the crypto sector has not yet been completely restored. Nevertheless, developments such as the inflows in XRP and moderate profits in Germany show that investors' interest has not disappeared completely.