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The subdued trading activity during the summer season is apparent, as digital asset investment products experienced outflows totaling $107 million this week. The trend of profit-taking has accelerated recently, with weekly trading volumes in investment products 36% lower than the average for the year to date.
The broader on-exchange market has seen a more pronounced drop, with volumes down 62% compared to the year-to-date average, according to the latest CoinShares weekly report on digital asset fund flows.
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- Institutional investors have maintained their focus on Bitcoin, resulting in outflows of $111 million. This represents the largest weekly outflows since March, coinciding with heightened regulatory pressures in the US.
- CoinShares also indicated that outflows into short bitcoin have ceased for the first time in 14 weeks, suggesting that institutional investors have halted their bearish bets against crypto despite the summer slowdown.
- Ethereum also faced outflows totaling $6 million, contributing to a combined outflow of $117 million for both Bitcoin and Ethereum over the past week.
- There is a noticeable improvement in sentiment towards altcoins, which has helped mitigate the outflows from Bitcoin and Ethereum.
- Solana recorded its largest inflows, amounting to $9.5 million, marking the highest weekly inflow since March 2022.
- Significant highlights included XRP and Litecoin, which saw inflows of $0.5 million and $0.46 million, respectively. Ripple’s partial victory against the US Securities and Exchange Commission (SEC) has likely contributed to the renewed positive sentiment for XRP, while the recent halving event can be seen as a driving factor for Litecoin’s inflows.
- Conversely, Uniswap and Cardano experienced outflows of $0.8 million and $0.3 million, respectively.
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