Crypto market records slight outflows amid stagnant price levels

The cryptocurrency market for the week ending April 22 saw investors draining $7 million worth of investments from the currencies as prices remained largely unchanged throughout the week.

Bitcoin, the world’s largest cryptocurrency by market capitalization, posted minor inflows worth $2.6 million as the currency continued to change hands at around $40,000. At press time, the king crypto was trading at $40,478.62, up by 5.34% from the previous day.

In contrast, the second biggest crypto asset Ethereum posted the largest outflows at $16.9 million last week, according to the latest crypto funds weekly flows report by CoinShares. This has marked Ethereum’s third consecutive weekly outflow, bringing its total year-to-date outflows to $169 million.

CoinShares report also mentioned the weekly inflows recorded by some major altcoins, including Avalanche (AVAX), Solana (SOL), Terra (LUNA), and Algorand (ALGO) who posted $1.8 million, $0.8 million,$0.7 million, and $0.2 million in inflows, respectively. The report further informed:

“Despite the threat of global rising interest rates and its broad negative price impact on technology companies last week, blockchain equities saw minor inflows last week totalling US$3m.”

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