- In the week ending on September 24, the digital asset market saw significant outflows from funds, totaling $9 million.
- Bitcoin, the world’s leading cryptocurrency, experienced outflows for the third time this week, facing a significant loss of $6 million in the past week.
- European crypto investment products saw healthy inflows of $16 million, while their counterparts in the U.S. faced outflows of $14 million.
According to a new report by CoinShares, the past week brought a surprising result as BTC and ETH experienced outflows, while XRP and SOL saw inflows.
Outflows Continue for Binance and Ethereum
As a recurring trend, cryptocurrency investment products experienced outflows once again, marking their sixth consecutive week of outflows, according to data released by CoinShares. In the week ending on September 24, the digital asset market saw significant outflows from funds, totaling $9 million.
Bitcoin, the world’s leading cryptocurrency, faced outflows for the third time this week, with a substantial loss of $6 million in the past week. It appeared that investors were avoiding holding their positions, and short Bitcoin positions alone saw a significant outflow of $2.8 million.
Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, faced a grim situation and experienced outflows for the sixth consecutive week, with $2.2 million leaving the market during the week.
Altcoins Break the Trend
In a surprising turn of events, some altcoins managed to swim against the current. In particular, XRP and Solana saw inflows of $0.66 million and $0.31 million, respectively. This trend indicates growing interest in the alternative cryptocurrency space among investors and continuous capital inflows into XRP and SOL.
CoinShares’ report highlighted the sentiment disparity between European and American investors. European crypto investment products saw healthy inflows of $16 million, while their counterparts in the U.S. faced outflows of $14 million.
This regional discrepancy may be linked to uncertainty around cryptocurrency regulations and recent actions taken by the U.S. Securities and Exchange Commission (SEC) against various crypto companies.
Additionally, the report noted a concerning trend as the weekly trading volume fell below $820 million, reflecting the current downward pressure in the digital asset market.
