{"id":30103,"date":"2023-09-25T21:53:07","date_gmt":"2023-09-26T01:53:07","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=30103"},"modified":"2023-09-25T21:53:07","modified_gmt":"2023-09-26T01:53:07","slug":"cryptos-six-week-bleed-out-xrp-and-solana-defy-the-outflow-downtrend","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/09\/25\/cryptos-six-week-bleed-out-xrp-and-solana-defy-the-outflow-downtrend\/","title":{"rendered":"Crypto\u2019s Six-Week Bleed Out: XRP And Solana Defy The Outflow Downtrend"},"content":{"rendered":"

With contrasting events in the industry, crypto investment products have witnessed<\/a> a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment.<\/p>\n

Dissecting The Crypto Outflow Trend<\/h2>\n

Crypto funds have witnessed a net outflow<\/a> of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares\u2019 latest digital asset fund flow weekly report.<\/p>\n

Relevant digital asset management players like CoinShares<\/a>, Grayscale, 21Shares, Bitwise, and ProShares\u00a0have felt the heat of this ongoing trend. <\/p>\n

To put things into perspective, the outflows have cooled from the previous week\u2019s $54 million, but they still extend the continuous ten-week streak of net capital movement away from these products.<\/p>\n

A closer look into the report reveals this trend isn\u2019t uniform across regions. Europe has somewhat resisted this wave, recording inflows of $16 million. James Butterfill, Research Head at CoinShares, pinpoints the regional sentiment divergence to varying reactions to the regulatory environment. <\/p>\n

According to Butterfill, European investors see the \u201crecent regulatory disappointment as an opportunity,\u201d while their US counterparts have pulled out $14 million, possibly due to dismay over recent events.<\/p>\n

Moreover, trading volumes in crypto funds have reflected<\/a> the same caution. From exceeding $1 billion in the previous week, the volume plunged to $820 million, substantially less than the yearly average of $1.3 billion.<\/p>\n

Not All Assets Feel The Pinch<\/h2>\n

Bitcoin, the flag bearer of crypto, hasn\u2019t been immune to this trend, registering outflows for three consecutive weeks, with a dip of $6 million in the past week alone. Interestingly, Short-Bitcoin products, which gain when Bitcoin prices fall, have seen outflows of $2.8 million. <\/p>\n

This suggests a larger narrative where investors may unwind their bearish bets on Bitcoin. According to Butterfill, this outflow signifies a reduction of 78% in those assets under management over the past 22 weeks.<\/p>\n

Ethereum, another heavyweight in the crypto arena, has also felt the pinch, with outflows recorded for six weeks consecutively, resulting in a recent reduction of $2.2 million.<\/p>\n

In contrast to the major players, XRP and Solana are bright spots<\/a> in the market. This week, they registered inflows of $660,000 and $310,000, respectively. Interestingly, this isn\u2019t the first time these two altcoins have shone amidst the gloom.<\/p>\n

Last week, both assets witnessed significant inflows<\/a>. Solana led the way with $700,000, followed by Cardano and XRP, which attracted inflows of $400,000 and $100,000, respectively. <\/p>\n

While Cardano didn\u2019t cut notable inflows this week, XRP and Solana\u2019s\u00a0positive inflows amid broader negativity suggest a selective and value-driven approach by some investors in the altcoin market, according to the report.\u00a0<\/p>\n

Meanwhile, despite their recorded\u00a0upward capital movements, XRP and Solana still feel the brunt<\/a> of the global crypto market downturn.<\/p>\n

Particularly, both assets have been in red, with XRP down by 1.5% in the past day with a current price of $0.50 and Solana seeing a slight 0.5% upward move over the same period with a trading price of $19.60 at the time of writing.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

With contrasting events in the industry, crypto investment products have witnessed<\/a> a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment.<\/p>\n

Dissecting The Crypto Outflow Trend<\/h2>\n

Crypto funds have witnessed a net outflow<\/a> of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares\u2019 latest digital asset fund flow weekly report.<\/p>\n

Relevant digital asset management players like CoinShares<\/a>, Grayscale, 21Shares, Bitwise, and ProShares\u00a0have felt the heat of this ongoing trend. <\/p>\n

To put things into perspective, the outflows have cooled from the previous week\u2019s $54 million, but they still extend the continuous ten-week streak of net capital movement away from these products.<\/p>\n

A closer look into the report reveals this trend isn\u2019t uniform across regions. Europe has somewhat resisted this wave, recording inflows of $16 million. James Butterfill, Research Head at CoinShares, pinpoints the regional sentiment divergence to varying reactions to the regulatory environment. <\/p>\n

According to Butterfill, European investors see the \u201crecent regulatory disappointment as an opportunity,\u201d while their US counterparts have pulled out $14 million, possibly due to dismay over recent events.<\/p>\n

Moreover, trading volumes in crypto funds have reflected<\/a> the same caution. From exceeding $1 billion in the previous week, the volume plunged to $820 million, substantially less than the yearly average of $1.3 billion.<\/p>\n

Not All Assets Feel The Pinch<\/h2>\n

Bitcoin, the flag bearer of crypto, hasn\u2019t been immune to this trend, registering outflows for three consecutive weeks, with a dip of $6 million in the past week alone. Interestingly, Short-Bitcoin products, which gain when Bitcoin prices fall, have seen outflows of $2.8 million. <\/p>\n

This suggests a larger narrative where investors may unwind their bearish bets on Bitcoin. According to Butterfill, this outflow signifies a reduction of 78% in those assets under management over the past 22 weeks.<\/p>\n

Ethereum, another heavyweight in the crypto arena, has also felt the pinch, with outflows recorded for six weeks consecutively, resulting in a recent reduction of $2.2 million.<\/p>\n

In contrast to the major players, XRP and Solana are bright spots<\/a> in the market. This week, they registered inflows of $660,000 and $310,000, respectively. Interestingly, this isn\u2019t the first time these two altcoins have shone amidst the gloom.<\/p>\n

Last week, both assets witnessed significant inflows<\/a>. Solana led the way with $700,000, followed by Cardano and XRP, which attracted inflows of $400,000 and $100,000, respectively. <\/p>\n

While Cardano didn\u2019t cut notable inflows this week, XRP and Solana\u2019s\u00a0positive inflows amid broader negativity suggest a selective and value-driven approach by some investors in the altcoin market, according to the report.\u00a0<\/p>\n

Meanwhile, despite their recorded\u00a0upward capital movements, XRP and Solana still feel the brunt<\/a> of the global crypto market downturn.<\/p>\n

Particularly, both assets have been in red, with XRP down by 1.5% in the past day with a current price of $0.50 and Solana seeing a slight 0.5% upward move over the same period with a trading price of $19.60 at the time of writing.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-30103","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30103","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=30103"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/30103\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=30103"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=30103"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=30103"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}