Digital asset investment products lost a total of $1 billion in small trades of up to $9 million between Aug. 15 and Aug. 21, dropping to 55% of the year’s average and at the second lowest level of 2022, Coinshares weekly report shows.
The majority of the losses came from the United States, Germany and Sweden. Countries recorded outflows of $10 million, $2.4 million, and $2.1 million, respectively. Small inflows were recorded from Brazil, with $2.5 million, and Switzerland, with $1.9 million.
Regardless of inflows, the market fell to its second lowest level of the year, indicating the low level of investor participation. Last week’s upward movement in prices may also have triggered selling by investors looking for short-term gains.
Flows by assets
Bitcoin registered its third consecutive week of release, losing a total of $15 million between August 15 and August 21. Recorded outflows were $29 million and $21 million for the weeks of August 8 to August 14 and August 1 to August 7, respectively. In contrast, Short-Bitcoin recorded minor inflows of up to $0.2 million.
Ethereum, on the other hand, saw a turn in negative sentiment and saw inflows of up to $3 million. The asset has been closing weeks at entries since mid-June, which could reflect the merger. Nine-week entries are worth $162 million.
Regarding other altcoins, Cardano recorded a small inflow of $0.5 million, while Solana ended the week with an outflow of $1.4 million. Blockchain stocks also showed parallelism with the overall market exit, losing a total of $1.6 million.
Flow by region
While the overall market recorded losses, the figures show different flows to and from exchanges depending on their regions.
European stock exchanges recorded significant inflows totaling $20 million. Stock exchanges in North and South America, on the other hand, recorded outflows equivalent to $36 million last week.