Last week marked a significant trend as crypto funds, including those holding Bitcoin, faced significant outflows, amplifying investor concerns. While the market\u2019s momentum has wavered for several crypto, a few resilient assets stood firm.<\/p>\n
Digital asset investment products witnessed<\/a> a decline for the fifth straight week. Last week alone saw outflows amounting to $53.5 million, accumulating to nearly half a billion in aggregate outflows over the past nine weeks. <\/p>\n Bitcoin (BTC), often dubbed the \u201cking of cryptocurrency<\/a>,\u201d bore the brunt of these outflows. Roughly 85% of the outflows stemmed from Bitcoin funds, translating to a decrease of $45 million last week.<\/p>\n This happened amid Bitcoin\u2019s grappling to recoup some of its prior losses. The cryptocurrency rose<\/a> from a little over $25,000 at the start of last Monday to end the week above $26,000 by Saturday. As of this writing, Bitcoin is trading at $27,117, marking an 8.3% increase over the past 7 days<\/p>\n Furthermore, the outflow scenario wasn\u2019t particularly rosy for Ethereum (ETH<\/a>) either. Despite its traditionally appealing investment fundamentals, according to the report, and a booming demand for its staking yield, ETH also, saw outflows to $4.8 million. Other notable assets like BNB and MATIC also experienced minor outflows.<\/p>\n As James Butterfill, the head of research at asset manager CoinShares, highlighted in their recent report, the last two months have been especially challenging<\/a>, with eight out of the previous nine weeks reporting outflows.<\/p>\n Yet, according to the report, the U.S. seemed to be the primary catalyst behind this negative sentiment, accounting for 77% of the outflows. Other regions, such as Germany, Canada, and Sweden, weren\u2019t immune, registering significant outflows over the last week. <\/p>\n Year-to-date net inflows have plummeted to a meager $51 million post this outflow spree, a startling revelation given the optimistic start to 2023.<\/p>\n Solana, Cardano, and XRP emerged as beacons of hope in this seemingly gloomy backdrop. Unlike their counterparts, these assets saw inflows: Solana<\/a> led the pack with $700,000, followed by Cardano and XRP with inflows of $400,000 and $100,000, respectively. <\/p>\n Their performance offers a glimmer of optimism in an otherwise challenging digital asset market, indicating that pockets of resilience and investor confidence remain.<\/p>\n Additionally, trading volume surged by a significant 42% on the brighter side, rising from the previous week\u2019s $754 million to $1 billion. <\/p>\n While blockchain equities, too, felt the sting with their sixth consecutive week of outflows, the increased trading volume indicates the active participation and engagement of traders in the crypto sphere.<\/p>\n Notably, Solana and Cardano have seen more profits than XRP in the past 24 hours, with the former up by 5.5% and the latter by 2.8%; XRP has only recorded a mere 1% profit over the same period.<\/p>\n Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Last week marked a significant trend as crypto funds, including those holding Bitcoin, faced significant outflows, amplifying investor concerns. While the market\u2019s momentum has wavered for several crypto, a few resilient assets stood firm.<\/p>\n Digital asset investment products witnessed<\/a> a decline for the fifth straight week. Last week alone saw outflows amounting to $53.5 million, accumulating to nearly half a billion in aggregate outflows over the past nine weeks. <\/p>\n Bitcoin (BTC), often dubbed the \u201cking of cryptocurrency<\/a>,\u201d bore the brunt of these outflows. Roughly 85% of the outflows stemmed from Bitcoin funds, translating to a decrease of $45 million last week.<\/p>\n This happened amid Bitcoin\u2019s grappling to recoup some of its prior losses. The cryptocurrency rose<\/a> from a little over $25,000 at the start of last Monday to end the week above $26,000 by Saturday. As of this writing, Bitcoin is trading at $27,117, marking an 8.3% increase over the past 7 days<\/p>\n Furthermore, the outflow scenario wasn\u2019t particularly rosy for Ethereum (ETH<\/a>) either. Despite its traditionally appealing investment fundamentals, according to the report, and a booming demand for its staking yield, ETH also, saw outflows to $4.8 million. Other notable assets like BNB and MATIC also experienced minor outflows.<\/p>\n As James Butterfill, the head of research at asset manager CoinShares, highlighted in their recent report, the last two months have been especially challenging<\/a>, with eight out of the previous nine weeks reporting outflows.<\/p>\n Yet, according to the report, the U.S. seemed to be the primary catalyst behind this negative sentiment, accounting for 77% of the outflows. Other regions, such as Germany, Canada, and Sweden, weren\u2019t immune, registering significant outflows over the last week. <\/p>\n Year-to-date net inflows have plummeted to a meager $51 million post this outflow spree, a startling revelation given the optimistic start to 2023.<\/p>\nMarket Leaders \u2013 Bitcoin And Ethereum Feel The Brunt<\/h2>\n
Solana, Cardano, And XRP: The Silver Lining<\/h2>\n
Market Leaders \u2013 Bitcoin And Ethereum Feel The Brunt<\/h2>\n
Solana, Cardano, And XRP: The Silver Lining<\/h2>\n