Early Monday afternoon, Bitcoin traded near $28,800 as caution dominated overall market sentiment.
Shares were combining at noon on Monday as earnings season winds down and investors prepare for an inflation report critical to the Federal Reserve’s decision making.
While the S&P 500 and Dow Jones Industrial Average held marginally positive floors of 0.5% and 0.9%, respectively, the tech-heavy Nasdaq Composite and Russell 2000 were down 0.1% and 0.2%.
BTC is hovering at a critical juncture amid massive outflows.
On Monday, digital asset manager CoinShares released the most recent weekly report on digital asset funding merchandise flows. According to an official study, total withdrawals for the final week were $107 million.
Bitcoin experienced total weekly outflows of $111 million. Though outflows into short bitcoin products allegedly ceased for the first time in 14 weeks, those from the main cryptocurrency were the most since March.
Meanwhile, Ethereum experienced $6 million in outflows, while Solana outperformed the biggest altcoin with $9.5 million in inflows. There have also been $0.5 million in XRP inflows and $0.46 million in Litecoin inflows. Uniswap received $0.8 million in outflows, while Cardano received $0.3 million.
According to James Butterfill, Head of Analysis at CoinShares, the outflows have occurred as a result of increased revenue taking offers in recent weeks. The fall in weekly purchasing and selling volumes for digital asset funding items and on-exchange volumes was also noticeable, standing at 36% and 62% year to far, respectively.