Digital asset investment products saw outflows last week totaling $9 million last week with volumes at $1 billion, 55% off the year average and the 2nd lowest this year, according to Coinshares.
Pretty much all markets have been volatile, dealing with rising inflation along with increasing interest rates and people looking for cover from riskier assets.
Coinshares reports that Bitcoin saw its third consecutive week of outflows totaling $15 million.
Ethereum experienced weekly inflows totaling $3 million and has seen a turn-around in sentiment – largely due to the looming Merge, which appears to be good to go. But then, you won’t really know until it happens.
Ethereum has seen a 9-week run of inflows totaling $162 million as more people bet that Merge will become reality.
Regionally, the outflows took place in the US, Germany & Sweden, totaling $10 million, $2.4 million, and $2.1 million, respectively, with minor inflows in Brazil and Switzerland totaling $2.5 million and $1.9 million, respectively.
On top of the sagging economic environment and ongoing strife around the world, the Fed will probably have to raise interest rates once again – perhaps driving the recession deeper.