Institutional Capital Flows into XRP, Cardano (ADA), and Solana (SOL) as Altcoin Sentiment Improves: CoinShares Report
CoinShares Report: Institutional Investors Show Growing Optimism for Altcoins like Bitcoin (BTC) as Overall Market Sees Consecutive Weeks of Outflows
"CoinShares' Digital Asset Fund Flows Report: Nearly Half a Billion in Inflows Witnessed in 2023's Mid-Year"
According to CoinShares' latest Digital Asset Fund Flows Weekly Report, the first half of 2023 has recorded nearly half a billion dollars in inflows for digital assets.
The report indicates that digital asset investment products experienced minor outflows amounting to US$21 million during the previous week. Additionally, trading volumes for these investment products remained relatively low at US$915 million for the week, compared to the average weekly volume of US$1.5 billion witnessed so far this year.
This trend was reflected in the overall Bitcoin market, with a total of US$16 billion traded on trusted exchanges during the same week, significantly lower than the weekly average of US$52 billion for this year.
As we reach the mid-year mark, the cumulative inflows into digital assets have reached just under US$0.5 billion.
"CoinShares Report: Bitcoin Accounts for Over 90% of Outflows, Short-BTC Products Face 14th Consecutive Week of Outflows"
According to CoinShares' findings, more than 90% of outflows were attributed to Bitcoin, while short-BTC products experienced their 14th consecutive week of outflows.
The data suggests that investors have been capitalizing on profits in recent weeks, while maintaining a generally supportive sentiment towards the asset.
In contrast, Ethereum (ETH) and Avalanche (AVAX) experienced minor outflows, totaling less than $2.5 million combined. However, other altcoins saw inflows.
Cardano (ADA), Solana (SOL), and XRP products, specifically, received inflows of $0.64 million, $0.6 million, and $0.5 million, respectively.
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Aug 01, 2023
