Last week marked a significant trend as crypto funds, including those holding Bitcoin, faced significant outflows, amplifying investor concerns. While the market’s momentum has wavered for several crypto, a few resilient assets stood firm.
Yet, according to the report, the U.S. seemed to be the primary catalyst behind this negative sentiment, accounting for 77% of the outflows. Other regions, such as Germany, Canada, and Sweden, weren’t immune, registering significant outflows over the last week.
Year-to-date net inflows have plummeted to a meager $51 million post this outflow spree, a startling revelation given the optimistic start to 2023.
Their performance offers a glimmer of optimism in an otherwise challenging digital asset market, indicating that pockets of resilience and investor confidence remain.
Additionally, trading volume surged by a significant 42% on the brighter side, rising from the previous week’s $754 million to $1 billion.
While blockchain equities, too, felt the sting with their sixth consecutive week of outflows, the increased trading volume indicates the active participation and engagement of traders in the crypto sphere.
Notably, Solana and Cardano have seen more profits than XRP in the past 24 hours, with the former up by 5.5% and the latter by 2.8%; XRP has only recorded a mere 1% profit over the same period.
Featured image from iStock, Chart from TradingView