Leading web 3.0 companies gain investor confidence as crypto sees outflows for 6th consecutive week.
Crypto sees outflows for 6th consecutive week, XRP and SOL gain investor confidence

Crypto Investment Outflows

Crypto investment products registered their sixth consecutive week of outflows for the week ending Sept. 24, according to data from CoinShares. Digital asset outflows from crypto investment products totaled $9 million last week.

Bitcoin (BTC) experienced its third consecutive week of outflows, with $6 million leaving the market. Short Bitcoin positions saw outflows of $2.8 million, while Ether (ETH) registered its sixth consecutive week of outflows, with $2.2 million exiting over the past week.

At the same time, top web 3.0 crypto coins such as XRP (XRP) and Solana (SOL) saw inflows of $0.66 million and $0.31 million respectively. The report showed that investors are increasingly interested in the altcoin space, with continued inflows into XRP and SOL.

The report also revealed a divergence in sentiment between traders in Europe and the United States. European crypto investment products had $16 million in inflows, whereas U.S.-based products saw $14 million in outflows.

Crypto Regulations and Market Sentiment

The regional disparity in the crypto market was attributed to the unpredictability of crypto regulations and recent actions taken by the U.S. Securities and Exchange Commission (SEC) against crypto companies.

CoinShares’ recent digital asset flow market report showed that weekly trading volumes had dropped to under $820 million, which is significantly lower than the $1.16 billion average in 2023.

The current market sentiment is bearish, as the Bitcoin price is stuck below the $27,000 key resistance. This is despite the U.S. Federal Reserve’s recent decision not to raise interest rates for the quarter, and the delay in the Mt. Gox creditor’s payout.

Categorized in:

Tagged in: