Outflows Dominate the Market
The report reveals that investors’ confidence has been waning, with outflows occurring over eight of the past nine weeks, totaling over $450 million in lost investments. In the most recent week analyzed, digital assets experienced outflows amounting to $54 million, marking the fifth consecutive week of negative trends.
According to CoinShares:
“Digital asset investment products saw outflows totaling US$54m last week, marking the 5th consecutive week. There have been outflows for 8 out of the last 9 weeks that aggregate to US$455m, with year-to-date net inflows falling to just US$51m.”
Significantly, much of this outflow activity can be traced back to the United States.
Bitcoin Takes the Heaviest Blow
As is often the case, Bitcoin (BTC), the leading cryptocurrency by market capitalization, bore the brunt of the outflows:
“Bitcoin comprised 85% of the outflows, seeing US$45m last week. Short-bitcoin inflows the prior week proved to be short-lived, with outflows of US$3.8m last week. However, it remains the most loved investment product with month-to-date inflows at US$12m.”
Meanwhile, Ethereum (ETH) products also suffered significant losses, shedding nearly $5 million in the same week. Other cryptocurrencies, such as Binance Coin (BNB) and Polygon (MATIC), experienced outflows of $0.3 million each.
Altcoins Shine
Despite the prevailing negativity, some altcoins managed to buck the trend. Solana (SOL), Cardano (ADA), and XRP products all attracted inflows, with totals of $0.7 million, $0.4 million, and $0.1 million, respectively.
