Crypto investment products saw outflows, ending an 11-week run of inflows
Last week, investment products saw minor outflows totaling $16 million.
Last week’s outflows capped 11 weeks of inflows, according to a CoinShares report. At the same time, trading activity remained well above the annual average, totaling $3.6 billion for the week, compared with the year-to-date average of $1.6 billion.
Regionally, the main withdrawal of funds came from the United States with $18 million. In Germany, $10 million was withdrawn. Numbers partially offset by an influx to Canada and Switzerland in the amounts of $6.9 million and $9.1 million respectively.
The hardest hit was Bitcoin (BTC) with outflows totaling $33 million last week. In comparison, short Bitcoin also saw minor outflows totaling $0.3 million.
However, altcoins received an influx of $21 million. The main beneficiaries were Solana (SOL), Cardano (ADA), XRP, and Chainlink (LINK) with a total of $10.6 million, $3 million, $2.7 million, and $2 million, respectively.
Ethereum (ETH) and Avalanche (AVA) took a slight hit, earning $4.4 million and $1 million respectively.
While blockchain stocks continued to see positive sentiment witnessing strong inflows of $122 million last week, bringing their growth to $294 million over the past 9 weeks, a new milestone.
Last week, analysts also reported that they recorded the largest inflow of funds in history into blockchain stocks – more than $126 million. The total investment amounted to $43 million.
Many anticipate a decline in prices as investors typically take profits after strong growth leading to a market correction.
