Cryptocurrency funds closed last week in the minus for the first time in 4 weeks. Sales in funds were net $528 million. Bitcoin funds saw outflows of $400 million and Ether funds saw outflows of $146.3 million.

In Coinshares’ weekly report, analysts stated that geopolitical concerns and fears that the US would enter recession were behind the sales. As it will be remembered, while the Bitcoin price was at $70,000 before the Fed’s interest rate decision announced last week, after the announcement of the decision, it was first seen below $66,000, and on Friday the price dropped to $63,000. The week was closed on Friday for funds.

Altcoin inflows continue

On the other hand, despite the big sales wave, small inputs in altcoin funds also attract attention. Litecoin funds received $200 and XRP funds received $400 thousand investments.

The ‘short-Bitcoin’ fund, which invested in Bitcoin’s decline, received an investment of $1.8 million. Solana funds raised $2.8 million.

On the basis of countries, the largest number was in the USA. While $531 million came out of crypto funds in the US, the number close to it was Switzerland with an outflow of only $27 million.

Outflows again in Grayscale…

The most invested fund of the week was BlackRock’s Bitcoin fund. IBIT closed the week at $370 million plus. Grayscale’s two major funds saw big outflows.

Grayscale’s Ether fund sold $603 million and the Bitcoin fund sold $239 million.