New week, a new report indicating another round of significant outflows.
The cryptocurrency market has recorded a fourth consecutive week of outflows.
In a period marked by outflows predominantly from Bitcoin (BTC) and Ether (ETH), XRP stands out for bucking the trend, according to recent data.
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Between September 3rd and 9th, the crypto market saw an outflow of $59.3 million. Bitcoin was hit the hardest, facing $68.9 million in outflows. However, these were partially mitigated by $15.2 million flowing into Short Bitcoin and an unexpected $0.7 million inflow into XRP.
According to analytics firm CoinShares, this downturn is driven by persistent regulatory uncertainty and a strong US dollar. The report also noted a 73% decline in trading volumes to just $754 million for the week.
Solana (SOL), after enjoying nine consecutive weeks of $14.1 million inflows, came to a halt with a $1.1 million outflow last week. Meanwhile, Ether saw a $4.8 million outflow, marking it the least favored asset among exchange-traded product investors this year.
In terms of geographic distribution, Brazil was the only country to register inflows, albeit a modest $0.1 million. Outflows were recorded in Germany at $20 million, followed by Canada at $17.6 million and the United States at $12.3 million. Switzerland and Sweden also reported substantial outflows, losing $7.4 million and $2.3 million, respectively.
While many experts forecast a bleak future for Bitcoin, suggesting it might drop as low as $20,000, the current trend confirms that altcoins are not poised to change the flow balance.
Amid a concerning period of outflows in the crypto market, XRP seems to be defying the prevailing sentiment. The state of outflows shows how sensitive the market is to factors like regulatory issues and shifts in the US dollar's strength. Although analysts predict a continuation of this trend, particularly for Bitcoin, it remains to be seen whether other altcoins will join XRP in resisting the market's downward pull.
