Last week has been full of headwinds for the market of digital asset investment products. Thus, the past seven days have seen one of the sheerest weekly outflows. Specifically, Bitcoin ($BTC) solely accounted for most of the respective outflows, shedding $719M amid the waning investor sentiment. Additionally, as the data from CoinShares reveals, Ethereum ($ETH) also went through a significant struggle, seeing $409M in overall withdrawals. These widespread outflows have reportedly indicated a broader sentiment shift.

Bitcoin Leads Weekly Outflows, Loses $719M

Based on the latest market data, Bitcoin ($BTC) has recorded notable outflows of up to $719M within the past week. In addition to this, the leading altcoin, Ethereum ($ETH), saw the exclusion of $409M. These robust outflows take place at a time when the top cryptocurrency has plunged 3.4% from $112K to the intraweek low spot of $109K.

On the other hand, Solana ($SOL) has outshone with noteworthy inflows of nearly $291M. While this remarkable performance triggers speculation of an impending boom for $SOL, $BTC is facing a severe risk of further downside amid the declining sentiment. A key factor fueling this shift is the diminishing demand for the overall short-Bitcoin products.

Continuous Outflows Raise Concerns over Price Drop Below $106K

Bitcoin’s ($BTC) huge outflows are crucial as the sentiment is turning negative. Showing a relatively similar picture, Ethereum ($ETH) is also seeing a stagnation. Particularly, in the case of Bitcoin ($BTC), the growing outflows are raising apprehensions of a considerable price drop in the near term. In this respect, there is a possibility for Bitcoin ($BTC) to plunge below the $106K mark if the trend continues even this week. Such a stunning dip could be shocking for the entire market and the leading crypto asset’s further progress.

However, in line with the market statistics, the month-to-date inflows are still substantial, standing at $4B. Along with that, the year-to-date inflows account for $39.6B, expressing the maintenance of momentum to likely match 2024’s record of up to $48.6B. Even then, Bitcoin’s ($BTC) outflows are alarming and highlight the need for a breakout from the trend of persistent decline.