Digital currencies recorded net inflows of $88 million last week, according to data from digital wealth manager CoinShares, despite the sharp fall in the value of the market, which lost about $1 billion in market value.
Despite the sharp fall in value, Bitcoin has seen inflows of $51 million, marking the 13th consecutive week of inflows for the world’s most popular cryptocurrency.
The latest inflow puts its net total at $6.5 billion. However, Ethereum recorded outflows of $17 million last week, marking the first time that the second most popular cryptocurrency has recorded outflows after six consecutive weeks of inflows. Other digital assets also recorded inflows. Solana recorded inflows of $19 million, while Tron recorded inflows of $17 million.
While total crypto inflows for 2020 were set at $6.7 billion, the market could accumulate an inflow of about $9.5 billion in 2021 with two weeks remaining. Fundstrat stated in its research note, “Trends remain bearish near-term, and momentum has not shown proper evidence of stabilizing in a way that should allow a bounce to unfold just yet. Most of the trend exhaustion techniques still suggest another 4-6 days lower is likely before any trading low can occur.”