The second largest cryptocurrency ethereum, meanwhile, showed strong inflows of $34 million.

On Monday though, the world's largest cryptocurrency in terms of market capitalization rallied as much as 10% and last traded at $54,031, highlighting the asset's extreme volatility. Data centers in Xinjiang, including bitcoin mining farms, had to shut down due to subsequent power cuts, according to media reports.Īfter hitting a record high just under $65,000 in mid-April, bitcoin has plunged nearly 25%. 'We saw investors shifting funds away from bitcoin amid some idiosyncratic developments last week, prominently including the temporary power outage in mining mecca Xinjiang,' said Matt Weller, Global Head of Market Research at and City Index.Īmid serious coal mine accidents in China's Xinjiang, Shanxi and Guizhou provinces, the Chinese government directed local coal-based power stations to conduct inspections of security measures. Total assets under management were $54.3 billion as of last week, down from $64.2 billion in mid-April. That said, CoinShares said outflows last week were 0.05% of the crypto sector's assets under management, while weekly inflows this year averaged 0.6%. Total weekly inflows for the sector were just $1.3 million, the lowest weekly figure since October 2020.

Outflows for bitcoin hit $21 million for the week of April 23, the largest weekly outflow on record. NEW YORK, April 26 (Reuters) - Bitcoin posted a record weekly outflow, with overall sentiment on cryptocurrencies turning cautious as the digital asset's searing rally hit a wall, data from digital currency manager CoinShares showed on Monday.

Coinshares inflows