The weekly fund flow report from cryptocurrency asset manager CoinShares has arrived. According to the report, institutional investors continued to buy coins such as Cardano (ADA) and XRP over the past week. However, fund outflows attracted attention in some products. Here are some critical information and data included in the report…
Coinshares report is out: ADA, XRP attract attention
Cryptoasset investment products saw small outflows totaling $16 million, ending an impressive 11-week streak of inflows. Despite this change, trading activity remained strong, exceeding $3.6 billion on average weekly. A closer look at regional flows shows that outflows of $18 million, mainly concentrated in the US, are attributable to profit-taking rather than a fundamental change in sentiment towards the asset class.
While Bitcoin suffered the brunt of the outflows last week, losing $33 million, short-Bitcoin also experienced small outflows of $0.3 million. In contrast, altcoins defied this trend and attracted $21 million in inflows. Solana, Cardano (ADA), XRP, and Chainlink emerged as the primary beneficiaries, generating inflows of $10.6 million, $3 million, $2.7 million, and $2 million, respectively. However, Ethereum and Avalanche faced some headwinds, witnessing outflows of $4.4 million and $1 million respectively. Litecoin also recorded a rise of $100 thousand.
What do regional dynamics indicate?
Regionally, while the USA was hit with significant outflows, a small outflow of 10 million dollars was seen in Germany. However, the overall impact was mitigated by continued inflows in Canada and Switzerland of $6.9 million and $9.1 million respectively. Mixed regional flows underscore the possibility of profit-taking as the driving force behind recent outflows. Meanwhile, blockchain stocks continued their positive momentum with significant inflows totaling $122 million last week. This marked the continuation of a remarkable 9-week run, the biggest run on record, amassing a total of $294 million.
The continued interest in blockchain stocks underscores enduring confidence in the broader blockchain and cryptocurrency ecosystem. As crypto asset investment products navigate this small breakout period, the contrasting performance of Bitcoin and altcoins provides insight into evolving investor preferences. As the broader market adapts, the resilience of blockchain stocks presents a solid and enduring appeal for investors looking to capitalize on the transformative potential of blockchain technology.
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