Bitcoin Records Weekly Outflow Of $132M — The Largest Since January

Bitcoin BTC/USD investment products saw the largest outflows since mid-January last week.

What Happened: According to the most recent Digital Asset Fund Flows Weekly Report from CoinShares, Bitcoin funds recorded $132 million in outflows last week.

Ethereum ETH/USD funds saw $15.3 million in outflows while other altcoins remained resilient to profit-taking.

Solana SOL/USD recorded $3.7 million inflows for the week and Cardano ADA/USD investment products saw an influx of $1 million.

Data: Courtesy of Coinshares

Litecoin LTC/USD and Polkadot DOT/USD also saw moderate inflows of $600,000 and $400,000 respectively.

Investors appeared particularly bearish on Bitcoin, with Bitcoin Short investment products seeing inflows totaling $2 million for the week – the largest inflows for these funds on record.

“We believe price appreciation the previous week may have prompted investors to take profits last week,” noted CoinShares.

Price Action: According to data from Benzinga Pro, BTC was trading at $39,571, down 5.8% in the last 24 hours. ETH was trading at $2,972, down 6.14% over the same period.