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.
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.
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