Crypto market wipes $600m in a week, 2nd largest outflow in history
As the new week begins on a more positive note for many assets in the cryptocurrency industry, the past week has marked the second-largest negative weekly flow from the sector since its inception, recording a whopping $600 million in crypto fund outflows. Specifically, crypto fund flows have witnessed the second-most massive weekly decline ever, with the largest outflow taking place during the bear market in late 2022, according to recent data shared by markets analytics platform The Kobeissi Letter in an X post on September 7. Crypto fund flows. Source: The Kobeissi Letter Indeed, following several weeks of consistent drains, the outflows in the last week reached $600 million, second only to the $700 million from late 2022, the year in which the crypto industry suffered a crippling bear market and investors, businesses, and consumers around the world lost nearly $2 trillion. Picks for you ...