Record Outflows Hit Major Cryptocurrencies, but Sui and XRP Show Resilience

Recent weeks have seen significant outflows from crypto investment products, with a staggering $2.9 billion leaving the market last week, marking the highest outflow on record, following two additional weeks of losses totaling $3.8 billion. Bitcoin (BTC) faced the worst of it, losing $2.59 billion, while Ethereum (ETH) faced $300 million in outflows and Solana (SOL) experienced $7.4 million in losses. Factors contributing to this downturn include a recent Bybit hack, the Federal Reserve's hawkish monetary stance, and anticipated profit-taking after a long stretch of inflows amounting to $29 billion. However, in a surprising twist, Sui stood out with $15.5 million in inflows, and XRP saw $5 million pouring in, suggesting that not all assets are feeling the pinch, and indicating a potential shift in investor confidence.