Crypto News – This modest change in the digital asset investment landscape is highlighted in the most recent CoinShares report.
11-Week Inflow Streak Broken: Bitcoin Suffers $33 Million Outflow
The week’s total trading activity was $3.6 billion, a substantial increase over the $1.6 billion average for the year thus far. This strong trading volume indicates that investors are still interested in the market despite the recent withdrawal.
Positive investor sentiment persisted for proxy Bitcoin investments in the form of blockchain shares, even in the face of the presumably imminent approval of a spot Bitcoin ETF. $122 million in significant inflows were made into these stocks last week. According to CoinShares, this infusion pushes the total over the preceding nine weeks to $294 million, which is the largest run of its kind ever.
Bitcoin Experiences Highest Outflow
With $33 million in outflows, Bitcoin was the most severely hit. A total of US$0.3 million was lost in small amounts from even short Bitcoin holdings, which are normally a buffer against the price of Bitcoin. On a bright note, altcoins saw inflows of $21 million, in contrast to the overall outflow trend.
Surpassing all other projects by a wide margin, Solana garnered $10.6 million in inflows. After making this beneficial move, Cardano, XRP, and Chainlink all saw increases in investor interest of $3 million, $2.7 million, and $2 million, respectively.
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