The value of Bitcoin, the biggest and most well-known cryptocurrency in the world, dropped by more than 1% today and was trading at USD20,316. The market capitalisation of all cryptocurrencies, as reported by CoinGecko, dropped below $1 trillion today and to $953 billion yesterday, a decline of more than 2%.
Ether, the second-largest cryptocurrency and a component of the Ethereum network, fell more than 2% to USD1,149. While Dogecoin was selling 3 percent lower at USD0.06 today, Shiba Inu dropped more than 5 percent to USD0.000010. A number of other cryptocurrencies underperformed today as well, with prices for XRP, Tether, Solana, BNB, Litecoin, and Uniswap falling over the previous day while Stellar, Chainlink, Tron, Apecoin, and Polygon rose.
According to analysis by digital asset manager CoinShares, cryptocurrency investors continued to flee the market as net withdrawals from global funds reached a record-high USD423 million in the week ending June 24. The previous record for outflows was set in January of this year at USD198 million.
The most recent withdrawals were limited to bitcoin, which lost USD453 million in net sales for the week. After 11 weeks of outflows, Ethereum had net inflows of USD 11 million, the first for the cryptocurrency. Similarly minor inflows were made into multi-asset cryptocurrency funds.