Claim $500XRP, Solana, Cardano (ADA) Records Inflows From Institutional Investors
Digital asset investment products saw another week of outflow, with Bitcoin comprising 85% of the outflows. XRP, Solana, and Cardano continue to witness inflows from investors amid significant corrections in these cryptocurrencies. Investors from the U.S. are the primary cause of the negative sentiment amid a strict regulatory environment.
Crypto Asset Outflows Continue
Digital asset investment products saw total outflows of $54 million last week, according to CoinShares’ latest data on September 18.
Bitcoin recorded a $45 million outflow, comprising 85% of the total outflows. Short-bitcoin also saw outflows of $3.8 million but remains the most loved investment product with month-to-date inflows at $12 million. It happens as the U.S. SEC delays its decision on spot Bitcoin ETF to mid-October.
Ethereum also saw outflows of $4.8 million despite better investment fundamentals and high demand for its staking yield. Other altcoins such as BNB and Polygon (MATIC) continue to record minor outflows.
However, Solana, Cardano, and XRP keep attracting investors, with inflows of $0.7 million, $0.43 million, and $0.13 million, respectively. Solana, Cardano, and XRP prices have jumped 11%, 5%, and 7% in a week.
A stringent regulatory ecosystem in the U.S. is impacting the sentiment of investors. The SEC and U.S. government’s anti-crypto stance is harming crypto investors, in contrast to investor protection.
Read More: BTC Price Fractal Plays Out, Bull Run Or Bull Trap?
BTC Price Rebounds
BTC price jumped more than 2% in the last 24 hours, with the price currently trading at $27,281. The 24-hour low and high are $26415 and $27268, respectively.
Moreover, trading volume has increased by 70% in the past 24 hours, indicating interest from traders. It happens as open interest rises after Bitcoin ended the week higher.
ETH price trades at $1663, up 2% in the past 24 hours. It also has a significant rise in trading volume in the past 24 hours.
Also Read:
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- Former SEC Official Weighs In On Binance Vs US SEC Hearing As Judge Approves Motion
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