Ethereum defies market with $133 million inflow as Bitcoin stumbles with $404 million outflow

Crypto investment products saw a $223 million outflow last week, ending a 15-week period of consistent inflows, according to CoinShares’ latest weekly report.

This marked a significant shift from the trend earlier in the week, which started with $883 million in inflows.

James Butterfill, Head of Research at CoinShares, explained that broader macroeconomic conditions in the US likely triggered the outflow. These include hawkish statements from the Federal Open Market Committee (FOMC) and stronger-than-expected economic data, contributing to negative market sentiment.

Despite weak payroll data later in the week, which hinted at a dovish approach by the Fed, overall market sentiment remained “risk-off,” leading to substantial outflows, particularly on Friday, when over $1 billion exited the market.

Butterfill also pointed out that, over the past 30 days, digital asset investments saw a net inflow of $12.2 billion, which accounts for approximately 50% of the total inflows for the year. He noted that the recent outflow could be attributed to minor profit-taking.

Ethereum secures another week of victory over Bitcoin

Bitcoin saw significant outflows, with $404 million leaving the market, resulting from negative sentiment that overshadowed any positive activity in other digital assets.

However, Bitcoin’s year-to-date inflows remain robust at around $20 billion. This reflects the top crypto’s continued appeal despite the volatility caused by shifting monetary policies.

Meanwhile, Ethereum led the inflow chart last week with $133 million, despite experiencing notable losses at the end of the week. This brought Ethereum’s year-to-date inflows to approximately $8 billion.

ETH’s performance illustrates the strong positive sentiment towards the digital asset, with some Butterfill recently suggesting the onset of an “altseason.”

Crypto Assets Investment Flows (Source: CoinShares)

This is evident in the performance of other altcoins, which also recorded significant flows during the week.

According to the CoinShares report, XRP, Solana, and SEI saw inflows of $31.2 million, $8.8 million, and $5.8 million, respectively. However, Litecoin and Sui experienced smaller outflows of $0.2 million and $0.8 million, respectively.

These numbers suggest investors are shifting capital away from Bitcoin to more promising assets, particularly Ethereum and other altcoins.

The post Ethereum defies market with $133 million inflow as Bitcoin stumbles with $404 million outflow appeared first on CryptoSlate.

6,5k

Innholdet på denne siden er levert av tredjeparter. Med mindre annet er oppgitt, er ikke OKX forfatteren av de siterte artikkelen(e) og krever ingen opphavsrett til materialet. Innholdet er kun gitt for informasjonsformål og representerer ikke synspunktene til OKX. Det er ikke ment å være en anbefaling av noe slag og bør ikke betraktes som investeringsråd eller en oppfordring om å kjøpe eller selge digitale aktiva. I den grad generativ AI brukes til å gi sammendrag eller annen informasjon, kan slikt AI-generert innhold være unøyaktig eller inkonsekvent. Vennligst les den koblede artikkelen for mer detaljer og informasjon. OKX er ikke ansvarlig for innhold som er vert på tredjeparts nettsteder. Beholdning av digitale aktiva, inkludert stablecoins og NFT-er, innebærer en høy grad av risiko og kan svinge mye. Du bør nøye vurdere om handel eller innehav av digitale aktiva passer for deg i lys av din økonomiske tilstand.