The theme continues for investors fleeing digital assets, according to Coinshare’s weekly report on money flows.
The report states that digital asset investment products experienced outflows of $ 15.6 million last week, and for the month of November, a “bad start” money exited digital assets to the tune of $19 million.
“…the flows activity remains very low relative to history, with this doldrum period lasting 8 weeks now.”
Coinshares states that Bitcoin saw outflows totaling $13 million for the week, following a 7-week run of inflows, post the US Federal Reserve raising interest rates by a further 75 basis points.
Short Bitcoin products also experienced outflows of $7.1 million or a three-week total of outflows of $28 million
A bright note is that XRP saw inflows of $1.1 million – reflecting positive news in the ongoing legal battle with the Securities and Exchange Commission.
Regionally, outflows in the US, Canada, and Brazil saw exits of $21 million, $2.1 million, and $1.8 milion respectively. On the flip side, Germany experienced inflows of $4 million and Switzerland inflows of $6.8 million.