Crypto sees outflows for 6th consecutive week, XRP and SOL gain investor confidence
A CoinShares crypto market flow report reveals that traders are more confident in XRP and Solana.
Crypto investment products registered their sixth consecutive week of outflows for the week ending Sept. 24. According to data from CoinShares, digital asset outflows from crypto investment products reached $9 million last week.
Bitcoin (BTC) registered a third consecutive week of outflows, reaching $6 million in the past week. Short Bitcoin positions saw outflows of $2.8 million. Ether (ETH) registered its sixth consecutive week of outflows, with $2.2 million exiting over the past week.
On the other hand, altcoins such as XRP (XRP) and Solana (SOL) have seen inflows of $0.66 million and $0.31 million respectively. The report stated that investors are getting more interested in the altcoin space, with continued inflows into XRP and SOL.
The report revealed a divergence in sentiment among traders in Europe and the United States based on regional activities. European crypto investment products had $16 million in inflows, but U.S.-based products saw $14 million in outflows.
The regional divergence was attributed to the uncertainty around the crypto regulations and recent actions of the U.S. Securities and Exchange Commission (SEC) against crypto companies.
The report revealed weekly trading volumes dropped below $820 million — well below the average of $1.16 billion in 2023.
Related: European digital asset manager CoinShares’ revenue up 33% in Q2
The recent digital asset flow market report from CoinShares reflects current market sentiment with bearish pressure on the market. The Bitcoin price is currently stuck under the $27,000 key resistance and has remained mostly idle since the U.S. Federal Reserve’s recent decision not to raise interest rates for the quarter. Meanwhile, the Mt. Gox creditor’s payout delay also played a crucial role in price action last week, but BTC remained mostly unfazed by both key market events.
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