Last week, the digital asset market experienced a significant shift as CoinShares reported a record outflow of $942 million from investment products. This marked a departure from seven consecutive weeks of inflows, indicating a notable change in investor sentiment.
According to CoinShares, last week saw a record outflow of $942 million from digital asset investment products, marking the first outflow after seven consecutive weeks of inflows. Among these, Bitcoin saw outflows of $904 million, while Ethereum, Solana, and Cardano experienced…
— Wu Blockchain (@WuBlockchain) March 25, 2024
Bitcoin, the leading cryptocurrency, bore the brunt of the outflow, with investors withdrawing a staggering $904 million from Bitcoin-related investment products. Ethereum, Solana, and Cardano also saw outflows, albeit on a smaller scale, with $34 million, $5.6 million, and $3.7 million respectively exiting these assets.
Some Notable Ethereum Whale Movements To Monitor
Adding to the market dynamics, on-chain reports revealed whale activity in the Ethereum ecosystem. A substantial whale deposited 11,275 ETH, equivalent to $37.4 million, into Binance, incurring a loss of $500K in the process.
However, as Ethereum’s price began to climb, the same whale swiftly withdrew 9,092 ETH, valued at $31.7 million, from Binance within the past hour. Additionally, the whale borrowed 18 million USDT to reinvest in Ethereum, indicating a bullish outlook on the cryptocurrency.
This whale deposited 11,275 $ETH($37.4M) to #Binance at a loss of ~$500K yesterday.
As the price of $ETH increased, he withdrew 9,092 $ETH($31.7M) from #Binance in the past hour again and borrowed 18M $USDT to buy more $ETH.https://t.co/SCUoiUo7G1 pic.twitter.com/g5jcu5muZD
— Lookonchain (@lookonchain) March 25, 2024
Despite the outflows and whale activity, Ethereum managed to secure a gain of over 2.6% today, currently trading at $3,482. This upward movement suggests resilience in Ethereum’s market despite the recent fluctuations and underscores the continued interest and confidence in the cryptocurrency.
The combination of record outflows from digital asset investment products and significant whale activity in Ethereum highlights the dynamic nature of the cryptocurrency market.
Investors and traders are closely monitoring these developments as they navigate the ever-changing landscape of digital asset investments, seeking opportunities amidst market volatility.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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