May 29, 2024
Crypto investment products face a sixth consecutive week of outflows
Altcoins News

Crypto Investment Products See 6th Consecutive Week of Outflows, Reaching $9 Million

Crypto investment products have experienced their sixth consecutive week of outflows, culminating in the week ending on September 24. As per CoinShares’ data, digital asset outflows from crypto investment products reached $9 million in the previous week. During this time frame, Bitcoin recorded its third consecutive week of outflows, totaling $6 million. Short Bitcoin positions also witnessed outflows, amounting to $2.8 million. Ether, too, saw its sixth consecutive week of outflows, with $2.2 million exiting over the past week. In contrast, altcoins like XRP and Solana saw inflows of $0.66 million and $0.31 million, respectively. The report noted growing investor interest in the altcoin sector, with ongoing inflows into XRP and SOL.

The report unveiled a disparity in sentiment among traders in Europe and the United States, as indicated by regional activities. European crypto investment products experienced $16 million in inflows, while U.S.-based products witnessed $14 million in outflows.

This regional divergence was attributed to the uncertainty surrounding crypto regulations and recent actions taken by the U.S. Securities and Exchange Commission (SEC) against crypto companies.

The report also disclosed that weekly trading volumes dropped below $820 million, a significant dip from the 2023 average of $1.16 billion. CoinShares’ recent digital asset flow market report reflects the prevailing market sentiment, marked by bearish pressure. Bitcoin’s price has been hovering below the crucial $27,000 resistance level and has remained relatively stable following the U.S. Federal Reserve’s decision not to raise interest rates for the quarter. Additionally, the delay in the Mt. Gox creditor’s payout had an impact on price action last week, although BTC remained largely unaffected by these key market events.

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