The ongoing cryptocurrency market has continued to witness major liquidations. Following a $24 billion decline on 26 June, the total crypto market cap slipped by $9.17 billion on 27 June. At press time, the total liquidations over the last day stood at $137 million. It was down from $145 million as compared to 27 June.<\/p>\n
This certainly seems to be the case with cryptocurrency holders as highlighted in the latest Digital Asset Fund Flows Weekly report. CoinShares noted that digital asset investment products suffered over $420 million in outflows last week. In fact, this has been the largest since records began by a wide margin as depicted here.<\/p>\n
In terms of assets under management (AUM), last weeks outflows were the third-largest on record, representing 1.2% of the entire AUM of all funds that CoinShares tracks. The worst was outflows of 1.6% recorded during the 2018 bear market.<\/p>\n
Geographically speaking, Canadian investors offloaded around $487.5 million worth of digital asset products last week. Importantly, United States-based investors accounted for more than half of the inflows with $41 million.<\/p>\n
Nevertheless, the void remains too big to close and even the king coin suffered the repercussions.<\/p>\n
The outflows occurred on 17th June but were reflected in last weeks figures due to trade reporting lags, and likely responsible for Bitcoins decline to $17,760 that weekend.<\/p>\n
Bitcoin [BTC] led the exodus charge as outflows solely focused on Bitcoin. The king coin saw net outflows for the week totalling $453 million, erasing almost all inflows year-to-date and leaving total Bitcoin AuM at $24.5 billion, the lowest point since the beginning of 2021.<\/p>\n
Apart from Bitcoin, other assets including Ethereum [ETH] ($10.9 million), Short Bitcoin ($15.3 million), Cardano [ADA] ($0.8 million), Tron [TRX] ($0.1 million), Polkadot [DOT] ($0.2 million), and other assets ($2.9 million) reported total inflows of $30 million last week. Overall, the result in net outflows reached a total of $423 million.<\/p>\n
In addition, providers flow painted a similar picture as well. Stripping out the $493 million outflows reveals that other providers saw aggregate inflows totalling $70 million.<\/p>\n
The withdrawals came from the Purpose Bitcoin ETF that stood at an amount equal to about 24,510 BTC. Furthermore, it is also likely that these enormous outflows are caused by a forced seller, thus leading to a huge liquidation.<\/p>\n
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Not Cardano, Ethereum or Litecoin but outflows were solely focused on - AMBCrypto News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The ongoing cryptocurrency market has continued to witness major liquidations. Continue reading