Bitcoin Ends 11-Week Winning Streak With $33M Outflows While Altcoins Buck Trend: CoinShares
Digital assets investment products ended their 11-week streak of positive cash flows with withdrawals amounting to $16 million. However, trading activity remained significantly higher than the yearly average, reaching $3.6 billion for the week, in contrast to the year-to-date average of $1.6 billion.
Bitcoin was the worst hit, witnessing outflows of $33 million last week, while short-bitcoin also experienced minor outflows amounting to $0.3 million.
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- Contrary to the overall trend, altcoins saw inflows of $21 million during the same period.
- According to the latest report by CoinShares, Solana, Cardano, XRP, and Chainlink emerged as the primary beneficiaries, attracting inflows of $10.6 million, $3 million, $2.7 million, and $2 million, respectively.
- Ethereum and Avalanche, however, experienced modest declines, with outflows of $4.4 million and $1 million, respectively.
- On a positive note, sentiment towards blockchain equities remained strong, with substantial inflows totaling $122 million last week. This brought the total for the past nine weeks to $294 million, marking the most significant consecutive run on record.
- In terms of geographical distribution, the outflows were mainly concentrated in the United States, experiencing $18 million in withdrawals.
- Germany, on the other hand, saw marginal outflows amounting to $10 million. However, this was partially balanced by ongoing inflows into Canada and Switzerland, totaling $6.9 million and $9.1 million, respectively.
- The diverse pattern of regional flows implies that this was likely driven more by profit-taking than by a shift in sentiment toward the asset class.
“The mixed regional flows suggest this was more related to profit-taking rather than a turn in sentiment towards the asset class.”
The post Bitcoin Ends 11-Week Winning Streak With $33M Outflows While Altcoins Buck Trend: CoinShares appeared first on CryptoPotato.
