Bitcoin Notes Weekly Outflows Of $33 Mln Amid Crypto Market Selloff

In a noteworthy market event, Bitcoin witnessed an outflow of $33 million last week, indicating a significant change in investor sentiment toward taking profits. Meanwhile, the latest report from CoinShares sheds light on this trend, emphasizing that the move appears to be more indicative of profit-taking rather than a broader change in sentiment towards the digital asset class.
Notably, this comes as digital asset investment products, after 11 consecutive weeks of inflows, saw a minor outflow of $16 million, signaling a dynamic market landscape.
Bitcoin Outflow Amid Crypto Market Selloff
CoinShares’ Digital Asset Fund Flows Weekly Report reveals that Bitcoin bore the brunt of the outflows, witnessing a notable $33 million exit last week. Meanwhile, the report suggests that this trend is part of profit-taking activities rather than a fundamental shift in sentiment towards digital assets.
However, despite the significant Bitcoin outflow, the overall trading activity remained robust, surpassing the year average at $3.6 billion for the week, compared to the year-to-date average of $1.6 billion.
In addition, while Bitcoin faced significant outflows, altcoins showcased resilience by attracting $21 million in inflows. Noteworthy beneficiaries include Solana, Cardano, XRP, and Chainlink, securing inflows of $10.6 million, $3 million, $2.7 million, and $2 million, respectively.
However, Ethereum and Avalanche experienced minor setbacks, with outflows of $4.4 million and $1 million, respectively.
Also Read: Shiba Inu Unveils New Listing Igniting Hopes For SHIB Price Rebound
Blockchain Stocks Continue Record Inflows
Amidst the cryptocurrency market’s fluctuations, blockchain equities continue to enjoy positive sentiment. In the past week, these stocks witnessed substantial inflows of $122 million, contributing to a nine-week streak totaling a record-breaking $294 million.
This sustained interest in blockchain stocks underscores the ongoing investor confidence in the broader blockchain and digital asset ecosystem. As the market navigates profit-booking dynamics, the resilience of altcoins and the enduring appeal of blockchain stocks stand out in this ever-evolving landscape.
Meanwhile, the recent outflow in the digital asset space comes in line with the recent decline in the broader crypto space. As of writing, the global crypto market cap slipped over 2.85%, with Bitcoin price dropping 2.16% to $40,929.06 at the same time.
Also Read: Bitcoin’s Bull Run at Risk? Analyst Flags Concerns As Network Growth Stalls
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- Analyst Turn Bullish with $400 SOL Target as Hong Kong Approves First-Ever Solana ETF in Asia
- Veteran Trader Peter Brandt Says “MSTR Could Go Underwater” If Bitcoin Repeats 1977 Soybean Crash
- BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism