Crypto Market Outflows: Bitcoin Bulls Backtracking

Crypto Market Outflows: Bitcoin Bulls Backtracking

By
Lucas Kowalski
1 min read

The broader digital currency ecosystem has reported its first weekly outflow in seven weeks, with over $942 million withdrawn. The massive outflow from Grayscale Bitcoin Trust sparked this downtrend. In total, $12.3 billion has flowed into crypto investment products from institutional investors over the past seven weeks. While new Bitcoin ETF issuers gained $1.1 billion, Grayscale recorded $2 billion outflows, leading to the biggest outflow for Bitcoin. Additionally, the market saw a mild outflow for Ethereum, signaling the need for a correction. Alongside the outflow, Bitcoin's price has slowed down, currently at $67,126.98. The market anticipates a potential revival that may end March on a positive note.

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