Lackluster trading activity over the summer period was evident as digital asset investment products recorded outflows of $107 million this week. Profit-taking has recently reached a breakneck pace, with weekly trading volumes for investment products 36% below the year-to-date average.
The broader exchange market has experienced a more significant decline, with volumes down 62% compared to the year-to-date average, according to the latest edition of the weekly report from CoinShares on fund flows digital assets.
Institutional investors have continued to focus on #Bitcoin and saw $111 million in outflows. This marks the biggest weekly outflow since March as regulatory tensions escalated in the US.
CoinShares also revealed that #Short Bitcoin inflows have stopped for the first time in 14 weeks, showing that institutional investors have stopped betting against the cryptocurrency despite the summer doldrums .
Ethereum also experienced outflows totaling $6 million, contributing to a total outflow of $117 million for both Bitcoin and Ethereum over the past week.
There is a clear improvement in sentiment towards altcoins, which has helped balance the outflows of Bitcoin and Ethereum.
Solana saw the most significant inflows, totaling $9.5 million, representing the highest weekly inflows since March 2022.
Meanwhile, XRP and Litecoin recorded inflows of $0.5 million and $0.46 million, respectively. While Ripple's partial victory over the U.S. Securities and Exchange Commission (SEC) could be attributed to the new bullish sentiment coming to XRP, the recent halving could be seen as a catalyst for capital flows into Litecoin.
On the other hand, Uniswap and Cardano saw outflows of $0.8 million and $0.3 million, respectively.
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