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Crypto Investment Products Witness Sixth Week of Outflows; Altcoins Gain Traction

Algoine News
Summary:
CoinShares data indicates a sixth successive week of fund outflows from crypto-based investment products, with Bitcoin and Ethereum leading the exodus. However, altcoins like XRP and Solana saw net inflows, demonstrating the increased faith of traders in these currencies. A divergence in regional trading sentiment has also been noted, with European investment vehicles experiencing inflows while U.S-based crypto assets see outflows, potentially due to regulatory uncertainties. Despite the bearish outlook, Bitcoin's price remains relatively stable.
For the sixth consecutive week, ending on September 24, there was a net outflow of funds from cryptocurrency-based investment products, CoinShares data indicates. This recent week saw an overall outflow totalling $9 million. Bitcoin experienced its third consecutive week of outflows, with $6 million taken out over this time, including $2.8 million being withdrawn from short-bitcoin positions. Ethereum wasn't spared either, marking its sixth week of outflows with a $2.2 million withdrawal. In contrast to the continued outflows from Bitcoin and Ethereum, other cryptocurrencies like XRP and Solana had net inflows, garnering $0.66 million and $0.31 million respectively โ€“ a clear indication of traders increasingly putting trust in these altcoins. In the report, an interesting contrast was observed between European and U.S. crypto investment behaviours. European investment products saw a $16 million inflow, while there was a $14 million drawdown in U.S-based crypto assets. The uncertainty around cryptocurrency regulations and the SEC's recent actions against several crypto firms is believed to be responsible for the contrasting actions between the two regions. While lower, the weekly trading volumes were still substantial, falling to less than $820 million from an average of $1.16 billion for 2023. This recent cryptocurrency market activity report from CoinShares reflects a bearish sentiment currently gripping the market. Bitcoin, struggling with a $27,000 resistance level, hasn't moved much since the Federal Open Market Committee (FOMC) decided to keep interest rates unchanged for the quarter. Bitcoin prices were also relatively unaffected by the delay in payouts to Mt. Gox creditors seen over the past week, another significant event in the crypto market.

Published At

9/25/2023 11:50:14 AM

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