Crypto Market Bleeds as Bitcoin and Ethereum Funds Suffer Heavy Outflows
The cryptocurrency market saw significant losses on September 10, with Bitcoin, Ethereum, and Solana funds experiencing their worst outflows since July. The global crypto market cap stood at $2.71 trillion, down 1.7% in 24 hours.
Bitcoin ETFs lost $282.56 million, while Ethereum ETFs saw a net outflow of $29.76 million. Solana funds also suffered, with a total loss of $482.55K. Meanwhile, XRP ETFs defied the trend, adding $5.14 million to their total.
The decline is attributed to higher-than-expected inflation data, which sparked selling in risk assets. The Producer Price Index (PPI) report showed final demand prices rose 0.4% in August, with goods prices increasing by 1.1%. This led investors to pull out of crypto ETFs, causing a significant drop in their net inflows.