A CoinShares crypto market flow report reveals that traders are more confident in XRP and Solana.
Crypto investment products registered their sixth consecutive week of outflows for the week ending Sept. 24. According to data from CoinShares, digital asset outflows from crypto investment products reached $9 million last week.
Bitcoin (BTC) registered a third consecutive week of outflows, reaching $6 million in the past week. Short Bitcoin positions saw outflows of $2.8 million. Ether (ETH) registered its sixth consecutive week of outflows, with $2.2 million exiting over the past week.
The largest altcoin ETH registered its sixth consecutive week of outflows, other altcoins especially XRP and Solana have gained traders’ trust with net inflows of $0.66 million and $0.31 million respectively. The report noted that investors are becoming more discerning in the altcoin space with continued inflows into XRP and Solana.
The report revealed that there was a divergence in sentiment among traders in Europe and the United States based on regional activities. This was evident from the $16 million inflows into European crypto investment products and a $14 million outflow from U.S.-based investment products.
The regional divergence was attributed to the uncertainty around the crypto regulations and recent actions of the U.S. Securities and Exchange Commission (SEC) against crypto companies.
The report revealed that the weekly trading volumes dropped below $820 million well below the average of $1.16 billion in 2023.
The recent digital asset flow market report from CoinShares reflects the current market sentiment with bearish pressure on the market. The Bitcoin price is currently stuck under $27,000 key resistance and has remained mostly idle since the FOMC meeting, when the Fed decided to not raise the interest rates for the quarter. Meanwhile, the Mt. Gox creditors pay out delay also played a crucial role in the price action last week, but BTC remained mostly unfazed by both the key market events.