Bitcoin drops $28.8k amid huge crypto record huge outflows
- Bitcoin price fell to $28,800 across major exchanges as Ethereum hit lows near $1,800.
- Equities also showed signs of uncertainty with mixed trading recorded.
- Crypto investment products saw outflows totaling $107 million, the primary focus being BTC.
Bitcoin traded near the $28,800 early afternoon on Monday as caution dictated overall sentiment across the market.
Stocks were mixed in midday trading on Monday as earnings season starts to wind down and investors brace for an inflation reading crucial to the Federal Reserve decision making.
While the S&P 500 and Dow Jones Industrial Average held slightly positive ground at 0.5% and 0.9% respectively, the tech-heavy Nasdaq Composite and Rusell 2000 were down 0.1% and 0.2% respectively.
BTC hovers at key level amid huge outflows
On Monday, digital assets manager CoinShares released the latest weekly report on digital asset investment products flows. According to an analysis by the firm, total outflows for last week was $107 million.
Bitcoin saw total weekly outflows of $111 million. Although outflows into short bitcoin products reportedly stopped for the first time in 14 weeks, those from the flagship cryptocurrency were the largest since March.
Meanwhile, Ethereum recorded outflows of $6 million, while Solana outpaced the top altcoin with $9.5 million in inflows. There were also inflows of $0.5 million for XRP and $0.46 million for Litecoin. Uniswap had $0.8 million in outflows and Cardano with $0.3 million.
James Butterfill, Head of Research at CoinShares noted in the report that the outflows have come amid increased profit taking deals in recent weeks. Also notable was the decline in weekly trading volumes for digital asset investment products and on-exchange volumes – which stood at 36% and 62% year-to-date respectively.