Bitcoin and altcoins started the week and the second half of the year on a positive note, with the BTC price rising above $63,000.
Wondering if the uptrend in the BTC and cryptocurrency markets will continue, Coinshares has released its weekly crypto report.
After claiming $30 million in outflows from cryptocurrency investment products last week, Coinshares said outflows have dropped significantly in the past week.
“Cryptocurrency investment products saw outflows totaling $30 million for the third week in a row, with outflows falling significantly last week.
“As Ethereum outflows enter their third week, this indicates a change in sentiment towards Bitcoin.”
Ethereum (ETH) is in the spotlight!
When looking at cryptocurrency funds individually, it was noted that most of the outflows were in Ethereum rather than Bitcoin.
While BTC saw $10 million inflows, in contrast to outflows, the largest altcoin, Ethereum (ETH), experienced outflows of $60.7 million.
Looking at other altcoins, Solana (SOL) saw $1.6 million in inflows, Litecoin (LTC) saw $1.4 million, and Chainlink (LINK) saw $0.6 million.
“Ethereum has seen its largest outflow since August 2022 at $61 million, with outflows reaching $119 million over the past two weeks.
That made it the worst-performing asset year to date in terms of net flows.
In contrast, while Bitcoin led the way with $10 million in inflows, a total outflow of $4.2 million was seen from the Bitcoin Short Fund, which was indexed to Bitcoin’s decline. This shows that sentiment around BTC may be changing.
A number of altcoins saw an influx of funds, the most notable being Solana at $1.6 million and Litecoin at $1.4 million.”
When looking at the inflow and outflow of regional funds, it was noted that Germany ranked first with an outflow of $28.5 million.
Hong Kong came in second place after Germany with $23.2 million, and Canada came in third with $14.4 million.
In response to this outflow of funds, the United States received an inflow of $43 million.
*This is not investment advice.
