Digital assets manager CoinShares reports that Cardano (ADA), Solana (SOL) and XRP products are bucking the trend of an otherwise pessimistic institutional investment climate.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares says investors are currently less optimistic as reflected in outflows over eight of the last nine weeks totaling over $450 million.
[adinserter block="1"]CoinShares finds that digital assets saw outflows of $54 million last week, marking the fifth week of outflows in a row.
“Digital asset investment products saw outflows totaling US$54m last week, marking the 5th consecutive week. There have been outflows for 8 out of the last 9 weeks that aggregate to US$455m, with year-to-date net inflows falling to just US$51m.”
According to CoinShares, much of the outflow activity can regionally be traced back to the United States.
Per usual, the leading crypto by market cap Bitcoin (BTC) suffered the heaviest outflows.
“Bitcoin comprised 85% of the outflows, seeing US$45m last week. Short-bitcoin inflows the prior week proved to be short-lived, with outflows of US$3.8m last week, However, it remains the most loved investment product with month-to-date inflows at US$12m.”
Meanwhile, Ethereum (ETH) products bled out to the tune of nearly $5 million last week, while Binance Coin (BNB) and Polygon (MATIC) lost $0.3 million each.
Not all altcoins went down though. Solana (SOL), Cardano (ADA), and XRP products all saw inflows totaling $0.7 million, $0.4 million, and $0.1 million, respectively.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
