XRP, Cardano (ADA) and Solana (SOL) See Institutional Capital Flows As Altcoin Sentiment Brightens: CoinShares
Digital assets manager CoinShares says institutional investors are becoming more optimistic on altcoins despite Bitcoin (BTC) and the overall markets suffering outflows for the second week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that halfway through 2023, digital assets have seen almost half a billion in inflows.
“Digital asset investment products saw minor outflows totaling US$21m last week. Trading volumes for digital asset investment products were low at US$915m for the week, compared to the US$1.5bn weekly average this year so far.
This was reflected in the broader Bitcoin market, which saw a total of US$16bn traded last week on trusted exchanges, compared to the weekly average this year of US$52bn. At the half year mark, digital assets have seen just under US$0.5bn of inflows.”
Coinshares says over 90% of outflows came from Bitcoin while short-BTC products suffered their 14th week of outflows in a row.
“This suggests investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive.”
While altcoin rivals Ethereum (ETH) and Avalanche (AVAX) saw minor outflows totaling less than $2.5 million combined, other altcoins took inflows.
Cardano (ADA), Solana (SOL), and XRP products enjoyed inflows of $0.64 million, $0.6 million, and $0.5 million, respectively.
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