On March 22, a CoinShares report showed that in the week ending March 18, there was an outflow of $47 million from crypto investment products, mainly from North American suppliers, accounting for 98% of the outflow. CoinShares attributes the recent negative sentiment in North America to continued tensions over regulatory and geopolitical issues arising from the conflict in Ukraine. Since the conflict began, Ukrainian and Russian transaction volumes have increased by 160% and 150%, respectively. Bitcoin had the largest outflow, totaling $33 million. Ethereum’s total outflows totaled $17 million last week, down from $50 million the previous week.