Bitcoin Sees Largest Weekly Outflows

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s most valuable digital currency, reported its largest weekly outflows on record last week after $21 million worth of investment left BTC-related products. Significant outflows were also reported in XRP and Binance Coin (BNB).

According to the latest digital asset weekly flows report published by CoinShares, overall flows into crypto-related investment products stood at $1.3 million last week, the lowest figure since October 2020. Additionally, the report highlighted Bitcoin mining issues in China.

Apart from the poor performance of Bitcoin, CoinShares outlined consistent growth in Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term-related investment products. The world’s second-largest digital currency attracted product inflows of $34 million as the total inflows into ETH investment products reached $792 million since the start of this year.

“Flows for digital asset investment products slowed to their lowest weekly figure since October 2020 at just $1.3 million. Worries over Bitcoin mining issues in China spooked the market with asset under management (AUM) $10 Billion lower than the previous week. AUM now sits at around $54 billion," CoinShares mentioned in the report.

During the third week of April, XRP reported a massive jump in weekly institutional inflows as the world’s 4th most valuable cryptocurrency attracted $33 million. Bitcoin saw inflows of $108 million in the same week.

Bitcoin Price

BTC has seen a volatile week as the price of the cryptocurrency moved nearly 15% within the last few days. Bitcoin touched a low of $47,500 on 26 April, but the latest recovery has pushed the price above $53,000. As of writing, the price of BTC is trading near $53,900, which is a jump of nearly 4% in the last 24 hours. The overall market cap of Bitcoin regained the $1 trillion level on Tuesday. However, the latest recovery in BTC price remained slower than several other digital currencies including Ethereum, Binance Coin and XRP. ETH, BNB and XRP are up by more than 10% in the last 7 days.

Bitcoin’s market dominance reached 49.5% on Tuesday, which is its lowest level in nearly 3 years.