Here are the key takeaways from the reported outflows:
* Bitcoin (BTC): Led the outflows with an estimated $151 million in net outflows according to some reports, and a net outflow of 426.48 BTC from Centralized Exchanges (CEXs). The majority of the CEX outflow came from Coinbase Pro and Binance.
* Ethereum (ETH): Followed with notable outflows. Spot Ethereum ETFs experienced a total net outflow, with one report citing a net outflow of $42 million from all ETH-related products, and another mentioning a CEX net outflow of 69,300 ETH.
This movement often reflects a general risk-off sentiment in the market, which was reportedly mirrored by weakness in global financial markets, such as drops in the Nasdaq and S&P 500 indices.
The overall crypto market capitalization reportedly lost around $96 billion during this period of downward pressure.
