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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto’s Six-Week Bleed Out: XRP And Solana Defy The Outflow Downtrend

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Crypto's Six-Week Bleed Out

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With contrasting events in the industry, crypto investment products have witnessed a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment.

Dissecting The Crypto Outflow Trend

Crypto funds have witnessed a net outflow of $9 million in the past week, taking the total to roughly $464 million over the last ten weeks, according to Coinshares’ latest digital asset fund flow weekly report.

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Crypto Fund Flows: Millions Exit Bitcoin, But These Three Coins Hold Their Ground

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Relevant digital asset management players like CoinShares, Grayscale, 21Shares, Bitwise, and ProShares have felt the heat of this ongoing trend.

To put things into perspective, the outflows have cooled from the previous week’s $54 million, but they still extend the continuous ten-week streak of net capital movement away from these products.

A closer look into the report reveals this trend isn’t uniform across regions. Europe has somewhat resisted this wave, recording inflows of $16 million. James Butterfill, Research Head at CoinShares, pinpoints the regional sentiment divergence to varying reactions to the regulatory environment.

According to Butterfill, European investors see the “recent regulatory disappointment as an opportunity,” while their US counterparts have pulled out $14 million, possibly due to dismay over recent events.

Moreover, trading volumes in crypto funds have reflected the same caution. From exceeding $1 billion in the previous week, the volume plunged to $820 million, substantially less than the yearly average of $1.3 billion.

Not All Assets Feel The Pinch

Bitcoin, the flag bearer of crypto, hasn’t been immune to this trend, registering outflows for three consecutive weeks, with a dip of $6 million in the past week alone. Interestingly, Short-Bitcoin products, which gain when Bitcoin prices fall, have seen outflows of $2.8 million.

This suggests a larger narrative where investors may unwind their bearish bets on Bitcoin. According to Butterfill, this outflow signifies a reduction of 78% in those assets under management over the past 22 weeks.

Ethereum, another heavyweight in the crypto arena, has also felt the pinch, with outflows recorded for six weeks consecutively, resulting in a recent reduction of $2.2 million.

In contrast to the major players, XRP and Solana are bright spots in the market. This week, they registered inflows of $660,000 and $310,000, respectively. Interestingly, this isn’t the first time these two altcoins have shone amidst the gloom.

Last week, both assets witnessed significant inflows. Solana led the way with $700,000, followed by Cardano and XRP, which attracted inflows of $400,000 and $100,000, respectively.

While Cardano didn’t cut notable inflows this week, XRP and Solana’s positive inflows amid broader negativity suggest a selective and value-driven approach by some investors in the altcoin market, according to the report. 

Meanwhile, despite their recorded upward capital movements, XRP and Solana still feel the brunt of the global crypto market downturn.

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FTX's Billion-Dollar Solana Liquidation

FTX’s Billion-Dollar Solana Liquidation: Market Crash Or Just Hype?

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Particularly, both assets have been in red, with XRP down by 1.5% in the past day with a current price of $0.50 and Solana seeing a slight 0.5% upward move over the same period with a trading price of $19.60 at the time of writing.

Solana (SOL)’s price chart on TradingView amid global crypto outflow report
Solana (SOL)’s price is moving sideways on the 4-hour chart. Source: SOL/USDT on TradingView.com

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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