For the past six weeks, weekly crypto asset flows were negative.
CoinShares, Europe's largest digital asset investment and trading group, has shared a report revealing that for the past six weeks, digital asset outflows were greater than inflows.
Net outflows in digital asset investment products reached $95 million for the week ending March 17th. However, the most significant outflows were recorded from March 6th to 12th, when around $250 million in digital asset outflows were registered.
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The outflows of over a quarter of a billion were recorded when major banks in the US, including Silicon Valley Bank, Signature Bank, and Silvergate Bank, were closing their doors.
Overall, CoinShares estimated that during the past six weeks, there was a total of $424 million in outflows.
Bitcoin (BTC), Ether (ETH), and multi-asset products saw combined outflows of $130 million, though Bitcoin also recorded $35 million in inflows.
According to CoinShares, the overall data may indicate a liquidity demand among investors. Regarding the matter, the firm stated:
It is evident this sentiment is contrarian relative to the rest of the crypto market. It may be driven, in part, by the need for liquidity during this banking crisis, a similar situation was seen when the [COVID-19] panic first hit in March 2020.
Meanwhile, the price of Bitcoin, the largest cryptocurrency by market capitalization, has risen from around $19,400 in early March to nearly $28,000, with an almost 15% increase in the last week alone.
At the time of writing, Bitcoin (BTC) retails for $27,876.16, recording a 1.8% price decrease in the last 24 hours.