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Bitcoin Ends 11-Week Winning Streak With $33M Outflows While Altcoins Buck Trend: CoinShares

Summary:
Digital assets investment products ended their 11-week streak of positive cash flows with withdrawals amounting to million. However, trading activity remained significantly higher than the yearly average, reaching .6 billion for the week, in contrast to the year-to-date average of .6 billion. Bitcoin was the worst hit, witnessing outflows of million last week, while short-bitcoin also experienced minor outflows amounting to %excerpt%.3 million. Contrary to the overall trend, altcoins saw inflows of million during the same period. According to the latest report by CoinShares, Solana, Cardano, XRP, and Chainlink emerged as the primary beneficiaries, attracting inflows of .6 million, million, .7 million, and million, respectively. Ethereum and Avalanche,

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Digital assets investment products ended their 11-week streak of positive cash flows with withdrawals amounting to $16 million. However, trading activity remained significantly higher than the yearly average, reaching $3.6 billion for the week, in contrast to the year-to-date average of $1.6 billion.

Bitcoin was the worst hit, witnessing outflows of $33 million last week, while short-bitcoin also experienced minor outflows amounting to $0.3 million.

  • Contrary to the overall trend, altcoins saw inflows of $21 million during the same period.
  • According to the latest report by CoinShares, Solana, Cardano, XRP, and Chainlink emerged as the primary beneficiaries, attracting inflows of $10.6 million, $3 million, $2.7 million, and $2 million, respectively.
  • Ethereum and Avalanche, however, experienced modest declines, with outflows of $4.4 million and $1 million, respectively.
  • On a positive note, sentiment towards blockchain equities remained strong, with substantial inflows totaling $122 million last week. This brought the total for the past nine weeks to $294 million, marking the most significant consecutive run on record.
  • In terms of geographical distribution, the outflows were mainly concentrated in the United States, experiencing $18 million in withdrawals.
  • Germany, on the other hand, saw marginal outflows amounting to $10 million. However, this was partially balanced by ongoing inflows into Canada and Switzerland, totaling $6.9 million and $9.1 million, respectively.
  • The diverse pattern of regional flows implies that this was likely driven more by profit-taking than by a shift in sentiment toward the asset class.

“The mixed regional flows suggest this was more related to profit-taking rather than a turn in sentiment towards the asset class.”

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