Investors Favoring Altcoins

Takeaways

• 93% of the outflows were from long-Bitcoin investment products, while short-Bitcoin saw its 14th consecutive week of outflows totalling US$3.1m.
• This suggests investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive.
• Investors are favouring altcoins (less Ethereum), with inflows last week totalling US$3m, and for the last 8 weeks seeing inflows totalling US$19m.

Digital asset investment products saw minor outflows totalling US$21m last week. Trading volumes for digital asset investment products were low at US$915m for the week, compared to the US$1.5bn weekly average this year so far. This was reflected in the broader Bitcoin market, which saw a total of US$16bn traded last week on trusted exchanges, compared to the weekly average this year of US$52bn. At the half year mark, digital assets have seen just under US$0.5bn of inflows.

Regionally, the negative sentiment was primarily focussed on North America, seeing outflows of US$11bn from both the US and Canada. Germany saw inflows of US$5m, while Switzerland and Sweden saw outflows of US$3.2m and US$2.6m respectively.

93% of the outflows were from long-Bitcoin investment products, while short-Bitcoin saw its 14th consecutive week of outflows totalling US$3.1m. This suggests investors have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive.

Investors are favouring altcoins (less Ethereum), with inflows last week totalling US$3m, and for the last 8 weeks seeing inflows totalling US$19m. Cardano, Solana and XRP saw the largest inflows totalling US$0.64m, US$0.6m and US$0.5m respectively.

Ethereum and Avalanche saw minor outflows totalling US$1.9m and US$0.4m respectively.

Contact James Butterfill at [email protected]