Cardano

Solana

Bitcoin

<a href="https://bitcoinworld.co.in/altcoins-shine-amid-crypto-outflows-as-institutional-players-enter/" title="Altcoins Shine Amid Crypto Outflows as Institutional Players Enter" rel="noopener noreferrer nofollow"></a> 
In a surprising turn of events, cryptocurrency investment products focused on three major altcoins—Solana ($SOL), XRP ($XRP), and Cardano ($ADA)—defied the bearish trend that engulfed the crypto market last week. The week saw substantial outflows of over $54 million from digital asset investment products, primarily impacting Bitcoin ($BTC) investment products, which experienced $45.3 million in outflows. 
The latest report from CoinShares’ Digital Asset Fund Flows Weekly reveals that outflows have dominated the crypto landscape for nine consecutive weeks, culminating in total outflows of $455 million. Year-to-date net inflows have dwindled to a mere $51 million. 
Notably, the United States has been the epicenter of this exodus, with 77% of outflows attributed to American investors. Germany, Canada, and Sweden have also witnessed institutional investors stepping back from cryptocurrency. Despite this, trading volumes surged to $1 billion for the week, marking a significant 42% increase compared to the previous week. 
While Bitcoin-focused investment products bore the brunt of outflows, other digital assets faced similar challenges. Ethereum experienced outflows of $4.8 million, while multi-asset products suffered $200,000 in outflows. Interestingly, products centered on Binance’s BNB saw $300,000 in outflows, and those betting against Bitcoin witnessed $3.8 million in outflows. 
Bucking the trend were investment products devoted to Solana ($SOL), which attracted $700,000 in inflows, and XRP products, which saw $100,000 in inflows. 
Investment products targeting Cardano ($ADA) also emerged as winners, attracting $400,000 in inflows and amassing $24 million in assets under management. Meanwhile, XRP products boasted $57 million in AUM, and Solana-focused products secured an impressive $73 million. 
These notable inflows into specific altcoins suggest that investors are diversifying their portfolios beyond Bitcoin, seeking opportunities in emerging blockchain projects like Solana and Cardano. 
The rise in outflows in crypto coincides with major financial institutions entering the Bitcoin and cryptocurrency arena. These financial giants, managing a colossal $27 trillion in assets combined, are actively exploring ways to provide access to Bitcoin and other digital assets. Notable players in this endeavor include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America. 
While the $27 trillion figure is staggering, only a small fraction of these vast assets is expected to flow into cryptocurrency investments. Nonetheless, it underscores the growing recognition of digital assets as a legitimate asset class within the broader financial ecosystem. 
&nbsp; 
The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/altcoins-shine-amid-crypto-outflows-as-institutional-players-enter/">Altcoins Shine Amid Crypto Outflows as Institutional Players Enter</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Altcoins Shine Amid Crypto Outflows as Institutional Players Enter

ItsBitcoinWorld

Otros artículos publicados el 21 sept 2023

Alchemy Pay Secures US Money Transmitter License

How Much Will Shiba Inu be Worth in 5 Years?

Elon Musk Under DOJ and SEC Scrutiny Amidst Criticisms of Biden Administration’s Policies

Secure Your Crypto Wallet Against Scams With These Essential Tools

Busan, South Korea, to Launches 4th-Gen Blockchain Exchange and City Mainnet

Immutable Gains 30%: Is There An Artificial Surge Behind it?

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!