Crypto sees outflows for 6th consecutive week, XRP and SOL gain investor confidence
Crypto investment products registered their sixth successive week of outflows in the week ending on Sept. 24. According to data shared by Coinshares, digital possession outflows from crypto financial investment products reached $9 million last week.Weekly crypto property streams. Source: CoinSharesBitcoin (BTC) registered a third successive week of outflows with the past weeks outflows reaching $6 million. Short-bitcoin positions saw outflows of $2.8 million. On the other hand, Ethereum (ETH) registered its sixth consecutive week of outflows with $2.2 million draining over the past week.The biggest altcoin ETH registered its 6th consecutive week of outflows, other altcoins particularly XRP and Solana have acquired traders trust with net inflows of $0.66 million and $0.31 million respectively. The report kept in mind that financiers are ending up being more discerning in the altcoin area with continued inflows into XRP and Solana.The report exposed that there was a divergence in sentiment amongst traders in Europe and the United States based upon regional activities. This appeared from the $16 million inflows into European crypto financial investment products and a $14 million outflow from U.S.-based investment products.The local divergence was associated to the unpredictability around the crypto regulations and current actions of the U.S. Securities and Exchange Commission (SEC) versus crypto companies.The report revealed that the weekly trading volumes dropped below $820 million well below the average of $1.16 billion in 2023. Related: European digital asset manager CoinShares income up 33% in Q2The recent digital asset flow market report from CoinShares reflects the current market sentiment with bearish pressure on the marketplace. The Bitcoin cost is presently stuck under $27,000 essential resistance and has remained mostly idle because the FOMC meeting, when the Fed chose to not raise the interest rates for the quarter. The Mt. Gox creditors pay out delay also played an important function in the cost action last week, but BTC stayed primarily unfazed by both the crucial market events.Magazine: Recursive inscriptions: Bitcoin supercomputer and BTC DeFi coming soon
Related Content
- LG Electronics files patent for NFT-trading TV
- Even Without A Mining Subsidy, These Two Factors Will Protect Bitcoin Into The Future
- 4 reasons why Ethereum price can’t break $1,970
- Bitcoin News 2025: 7 Powerful Strategies to Stay Ahead in Cryptocurrency
- Fiat-backed stablecoins could be used to post bail in New York under proposed bill
Other Questions People Ask
What does the recent trend of crypto outflows indicate about investor sentiment?
The recent trend of crypto outflows for the sixth consecutive week suggests a growing caution among investors regarding the overall market. With a total of $9 million in outflows, particularly from Bitcoin and Ethereum, it reflects a bearish sentiment that is influencing trading decisions. However, the inflows into altcoins like XRP and Solana indicate that some investors are selectively confident in certain digital assets despite the broader market downturn.
How have XRP and Solana managed to gain investor confidence amid ongoing crypto outflows?
XRP and Solana have gained investor confidence during this period of ongoing crypto outflows by attracting net inflows of $0.66 million and $0.31 million, respectively. This suggests that traders are becoming more discerning, favoring altcoins that show potential for growth despite the overall market's bearish trends. The positive sentiment towards these altcoins may be driven by their unique use cases and recent developments that resonate with investors looking for opportunities in a challenging environment.
What factors contributed to the divergence in crypto investment sentiment between Europe and the U.S.?
The divergence in crypto investment sentiment between Europe and the U.S. can be attributed to regulatory uncertainties and actions taken by the U.S. Securities and Exchange Commission (SEC). While European crypto investment products saw inflows of $16 million, U.S.-based products experienced outflows of $14 million, highlighting a stark contrast in market confidence.