Bitcoin Faces Fund Outflows For First Time In Months, Solana Leads Weekly Inflows
By Benzinga
While altcoins were leading the race last week in terms of price performance, crypto majors Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) lagged. Although not connected, a similar trend was noticed in terms of weekly digital asset investment products inflows/outflows.
What Happened: Based on CoinShares latest weekly report, Solana (CRYPTO: SOL) was leading the list of digital assets in terms of inflows with $10.6 million for the week.
Contrarily, Bitcoin experienced a significant turn in its consecutive 11 weeks of inflows as it reported $32.8 million in outflows. Ethereum saw an outflow of $4.3 million during the week.
Altcoins, Cardanao (CRYPTO: ADA), and XRP (CRYPTO: XRP) followed the list with inflows of $3 million and $2.7 million respectively. Chainlink (CRYPTO: LINK) also received $2 million in fund inflows while Avalanche was on the list of outflows with $1 million.
The report states that trading activity of $3.6 billion remained significantly higher than the year-to-date average of $1.6 billion.
Based on regions, the U.S., Germany, and Sweden witnessed outflows of $18.3 million, $9.7 million, and $4 million respectively. On the other hand, Switzerland received $9.1 million in fund inflows followed by Canada and Brazil with $6.9 million and $3.5 million respectively.
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Why It Matters: Notably, investors took to profit-taking after the significant rally in BTC and other tokens leading to the outflows. In the past 30 days of trading, Bitcoin reported a 13.4% gain while ETH was higher by 11.1%.
Altcoins, Solana, and Cardano saw price gains of 3.1% each in the past week while BTC and ETH were trading 1.5% and 2.4% down respectively during the same timeframe.
The CoinShares report adds that blockchain equities stayed on the green side of the graph with significant inflows of $122 million during the week which takes the past 9-week consecutive inflows to $294 million making it the largest on record.
Price Action: At the time of writing, BTC is changing hands at $41,302 marking an increase of 0.7% gain in the past hour and a 1.5% drop in the last 24 hours
Image: Pixabay
