Over the past week, cryptocurrencies like XRP have stolen the spotlight of digital asset investment products from Bitcoin and Ethereum.
Specifically, XRP recorded significant inflows while the market bigwigs witnessed unusual profit-taking sell-offs. This development was captured in a new report by European crypto-focused asset manager CoinShares.
The report elaborated on the trend of funds flowing in and out of digital asset investment products over the past week.
Per the report, crypto investment products witnessed a departure from the recent streak of inflows. It registered a minor outflows amounting to $16 million. This shift comes after a remarkable 11-week period of consistent inflows.
Despite the outflows, the overall trading activity maintained robust figures, surpassing the year-to-date average. Specifically, the weekly total reached $3.6 billion, showcasing a marked difference from the yearly average of $1.6 billion.
Furthermore, the report highlighted that the United States experienced a notable flow of $18 million regarding regional outflow. Also, Germany saw minor outflows totaling $10 million in digital asset investment products.
However, Canada and Switzerland provided a counterbalance with continued inflows amounting to $6.9 million and $9.1 million, respectively.
Analysts have suggested that the mixed regional flows indicate profit-taking rather than a fundamental shift in sentiment toward the asset class.
XRP, Solana Beat Bitcoin, Ethereum in Week Flows
Concerning flows by asset class, Bitcoin took a hit, suffering the most significant outflows at $33 million. In parallel, short-bitcoin products also experienced minor outflows totaling $0.3 million.
Likewise, Ethereum and Avalanche faced some headwinds, experiencing outflows of $4.4 million and $1 million, respectively.
Contrary to the overall trend, altcoins saw a surge in investor interest. It attracted $21 million in inflows, with XRP, Cardano, Solana, and Chainlink emerging as the primary beneficiaries. The digital assets secured inflows of $2.7 million, $3 million, $10.6 million, and $2 million, respectively.
On a month-to-date scale, XRP’s inflow of digital asset investment stands at $3.6 million and $17 million on a year-to-date scale. Also, Solana’s inflow since last month is $14.1 million, and $156 million since January.
While Bitcoin recorded the most substantial outflow for the past week, Bitcoin investment still amounted to $6.7 million from November. Moreover, Bitcoin has witnessed over 1.669 billion investments since January.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
