Crypto Market Sees $528M Outflow Amid Bearish Trend

The latest report from CoinShares shows that the crypto market has experienced a significant outflow of $528 million, marking the first outflow in four weeks. This bearish trend saw Bitcoin lose $400 million and Ethereum $146 million. Major altcoins also faced double-digit losses, causing the total market cap to fall below $2 trillion, now standing at $1.78 trillion. This decline is partly due to geopolitical concerns and large-scale liquidations in the US, which alone saw $531 million in outflows. In contrast, Canada and Switzerland had modest inflows of $17 million and $28 million, respectively. The recent market correction also reduced the total assets under management in exchange-traded products (ETPs) by $10 billion.