Crypto Trends: Weekly Inflows and Outflows in Altcoins, North American Markets, and Investment Products
Luisa Crawford Jul 31, 2023 15:00
Altcoins saw $3M in weekly inflows; North America had $11B outflows. Digital asset products had minor withdrawals of $21M, with Bitcoin trading at $16B.
As of the half-year mark, cryptos have witnessed inflows just under US$0.5 billion, according to a recent report by CoinShares.
93% of the outflows were from long-Bitcoin investment products, while short-Bitcoin saw its 14th consecutive week of outflows, totaling US$3.1 million. This trend suggests that investors have been taking profits in recent weeks, though the sentiment for the asset overall remains supportive.
Altcoins, excluding Ethereum, experienced inflows amounting to US$3 million in the past week and US$19 million over the last eight weeks. Cardano, Solana, and XRP led the way with inflows of US$0.64 million, US$0.6 million, and US$0.5 million, respectively.
The North American region, encompassing the US and Canada, saw a significant outflow of 11 billion dollars. In contrast, Switzerland and Sweden recorded outflows of US$3.2 million and US$2.6 million, while Germany welcomed inflows of US$5 million.
Digital asset investment products witnessed minor withdrawals totaling US$21 million last week. Trading volumes stood at a modest US$915 million, a marked decrease from the US$1.5 billion weekly average of the previous year. The broader Bitcoin market experienced US$16 billion in trades on trusted exchanges last week, a decline from the US$52 billion weekly average observed this year.
Ethereum and Avalanche saw minor outflows totaling US$1.9 million and US$0.4 million, respectively.
The data reflects a mixed sentiment in the digital asset market, with a noticeable shift towards altcoins and a reduction in trading volumes. The continuous outflows from long-Bitcoin products and the regional variations in investment flows provide insights into the current market dynamics.
Image source: Shutterstock