CoinShares Report Shows Outflows in Digital Asset Investment Products
CoinShares released its weekly Digital Asset Fund Flows report, revealing that digital asset investment products experienced outflows of $54 million last week. This marks the eighth out of nine weeks with outflows, totaling $455 million. However, it is important to note that Bitcoin accounted for approximately 85% of these outflows, amounting to $45 million, followed by Ethereum with $4.8 million.
Institutional Interest in Altcoins
Interestingly, the report highlights a group of altcoins that have captured institutional interest. These include Solano, Cardano, and XRP, which received inflows of $0.7 million, $0.43 million, and $0.13 million respectively. While these inflows may seem relatively small compared to the overall market inflows of over $50 million during the same period, it indicates a shift in institutional focus towards select altcoins.
Ripple (XRP) Performs Well Despite Bear Market
Despite the bear market trend, Ripple’s XRP price has been performing well and remains above the critical resistance level of $0.5. It recorded a 2.5% increase throughout the day, resulting in weekly gains of 6.3%. This positive performance indicates resilience and potential for XRP in the market.
Hot Take: Institutional Interest in Altcoins Provides Hope Amidst Outflows
The recent CoinShares report reveals a concerning trend of outflows in digital asset investment products. However, amidst these outflows, there is a glimmer of hope as institutions show interest in select altcoins. Solano, Cardano, and XRP have attracted institutional inflows, indicating a shift in focus towards these assets. While the inflows may seem small compared to overall market inflows, it signifies a potential turning point and increased confidence in altcoins. Additionally, Ripple’s XRP has defied the bear market trend by maintaining its price above a critical resistance level and recording notable gains. This positive performance further supports the notion that altcoins have room for growth and resilience in the market.
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