⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Crypto Outflows Continue but Solana, Cardano, and XRP Shine Bright

  • Digital assets see a 5th consecutive week of outflows, totalling nearly $0.5 billion over nine weeks.
  • Bitcoin investment products witness the largest drop, accounting for 85% of the outflows.
  • Solana, Cardano, and XRP products emerge as beacons of optimism, registering inflows.

Amidst a sea of crypto outflows, Solana, Cardano, and XRP defy the trend, offering investors a glimmer of hope in a volatile market.

Crypto Outflows Persist

Crypto investment products, including renowned names such as Grayscale, 21Shares, Bitwise, and ProShares, registered outflows of $53.5 million last week. This downturn continues a five-week streak, bringing the nine-week aggregate to an alarming $455 million. According to James Butterfill of CoinShares, the outflows decelerated slightly from the previous week’s $59.3 million but still signify a broader trend of decline. From a regional perspective, the U.S., Germany, Canada, and Sweden were the major contributors to this downturn.

Blockchain Equities Not Immune

Weekly crypto asset flows. TheSource:CoinShares.
Weekly crypto asset flows. TheSource:CoinShares.

The crypto downturn also affected blockchain equities, marking their sixth straight week of outflows, amounting to $9.6 million last week. However, in a silver lining, the trading volume surged by 42%, reaching over $1 billion, a significant leap from the prior week’s $754 million.

Major Coins Feel the Pressure

Bitcoin bore the brunt of the outflows, losing $45 million last week, a staggering 85% of the total outflows. Notably, short bitcoin funds, despite experiencing the highest single-week inflows since March just the week before, also faced outflows of $3.8 million. Ether, the second-largest cryptocurrency, was not immune either, with outflows of $4.8 million, even as James Butterfill highlighted its attractive investment potential. BNB and Polygon products too saw minor outflows, hinting at a broader market sentiment.

Solana, Cardano, and XRP: The Outliers

Against the backdrop of widespread crypto outflows, Solana, Cardano, and XRP emerged as outliers. These digital assets bucked the prevailing trend, with Solana seeing inflows of $0.7 million, Cardano with $0.4 million, and XRP at $0.1 million. These figures, albeit modest, suggest pockets of optimism and resilience amidst a larger market pullback.

Conclusion

The current crypto landscape paints a mixed picture. While outflows dominate, reflecting potential investor caution, certain digital assets like Solana, Cardano, and XRP demonstrate resilience, potentially hinting at their robust fundamentals or emerging use-cases. As the crypto market navigates this turbulent phase, these subtle shifts and trends can offer valuable insights for investors and market watchers alike.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Tom Lee Predicts Ethereum Surge to $15,000 as Wall Street Boosts Institutional Adoption

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

BitMine Chairman Predicts Ethereum Surge as Institutions Quietly Accumulate 5% of ETH Supply

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Trump Media & Technology Group Amasses Nearly $2 Billion in Bitcoin Reserves, Reports Strong Q2 Financial Growth

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin Liquidation Alert: BTC Breaks $119,203 Triggering $3.35B Short Liquidations on Major CEXs

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

$AIO added to Binance alpha projects

$AIO added to Binance alpha projects

XRP Faces Potential Correction as $2.90 Support Is Tested Amid Bearish Momentum

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Solana Faces Bearish Pressure as Whales Sell and Retail Buyers Accumulate, $154 Support Possible

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin May Test $100,000 Soon as Davinci and Arthur Hayes Share Cautious Predictions

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Cold Wallet’s CWT Token Shows Potential Amid Ethereum’s $4K Surge and Solana’s Market Cap Outlook

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Bitcoin ETFs May Face Outflows Despite Strong July Gains and Regulatory Advances

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

XRP Near $3 Amid Market Volatility, Possible Support Levels and Institutional Interest Explored

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum Accumulation and Symmetrical Triangle Pattern Suggest Potential for Significant Market Move

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ripple CTO Suggests Potential High-Quality Hub Addition to XRP Ledger Network

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img