The digital currency ecosystem recorded approximately $20.8 million in inflows last week.
After According to CoinShares data, various profiled assets recorded a mixed inflow outlook as overall market sentiment remained erratic and general outflow was observed in the market.
According to the report, Bitcoin (BTC) and Ethereum (ETH) saw massive outflows of $24.7 million and $13.6 million, respectively, while inflows into “short Bitcoin” reached $12.7 million. dollars.
The last few weeks have been dominated by the Bitcoin Exchange Traded Fund (ETF) spot sentiment. According to CoinShares, this asset class has seen a total net inflow of $1.25 billion since the 11 products went live for trading.
Crypto and ETF flow data
Looking at the numbers, altcoins in general saw discouraging flows, with XRP recording just $500,000. Cardano (ADA) performed worse than XRP but better than BTC and ETH as it saw no inflows.
The multi-asset category profiled by CoinShares saw inflows of $9.4 million, while companies like Solana (SOL) and Litecoin (LTC) saw outflows of $8.5 million and $1.5 million, respectively -Dollar experienced a slump.
Aside from Solana, all of the assets profiled by CoinShares show impressive overall month-to-date (MTD) and year-to-date (YTD) gains.
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The assets under management (AUM) of Bitcoin products were over $36.719 billion, the AUM of Ethereum products is $10.607 billion, while the AUMs of Solana and Cardano are $707 million and $60 million, respectively US dollars.
The report highlighted how the crypto ETF market is performing and noted that incumbent issuers are taking a major hit.
Shades of gray were seen depleted stocks as customers shift their funds from the platform to alternative companies due to cheaper fees.
According to CoinShares report: Issuers with higher costs suffered an outflow of $2.9 billion, while new issuers recorded a total of $4.13 billion.
Crypto market price outlook
The report underlines the general pessimistic mood in the market at the moment. Bitcoin (BTC) price fell 2.86% to $40,603 in the last 24 hours, with trading volume increasing 110% to $20,183,645,154.
Ethereum and Solana are down 4.38% and 6.91% in 24 hours to $2,368.17 and $86, respectively.
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Disclaimer: This content is for informational purposes and should not be considered financial advice. The views expressed in this article may contain the personal opinion of the author and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic assumes no liability for any financial losses.
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