Solana

United

Bitcoin

April

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 Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week. 
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<div class="cointelegraph"> 
 Weekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million. 
 Once again, the lion’s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week. 
 According to CoinShares’ Digital Asset Fund Flows <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> report, this indicates further “profit taking” on the heels of the previous cycle’s gains. For the month leading up to the recent spate of <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a>, in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> of $742 million&nbsp;into crypto <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>&nbsp;were seen, with 99% of that coming from Bitcoin. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/08/08/f08aba652b8ab924d00afbda1107b0f1.webp" alt="" title=""> 
 <figcaption style="text-align: center;"> Source: CoinShares 
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 Weekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average. 
 Regionally, only Australia and the United States show inflows with $0.3 million and $0.2 million incoming, respectively. The largest regional outflows came from Canada with $70.8 million and Germany with $28.5 million. 
 Despite Bitcoin’s outflows, the weekly total was somewhat buoyed by inflows from Solana (SOL) in the amount of $9.5 million, up from last week’s total of $0.6 in inflows. XRP (XRP) investment products also saw inflows of $0.5 million. 
 Ether (ETH) <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> continue their negative trend, adding $5.9 million in <a rel="noopener noreferrer nofollow" title="outflows" href="https://thebittimes.com/tag/outflows.html">outflows</a> to the previous week’s $1.9 million. This entirely offsets prior in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> in the amount of $6.6 million and further separates it from Solana’s current bullish trend. 
 <blockquote class="twitter-tweet"> 
 ️ $SOL recorded the largest inflows, totaling US$9.5m, indicating a growing positive sentiment towards #altcoins. Other notable mentions include $XRP and $LTC. 4/5 pic.twitter.com/0v8V9DjwRQ— CoinShares (@CoinSharesCo) August 7, 2023 
 </blockquote> 
 While Bitcoin remains up for the year compared to its opening in January, many experts believe some of the perceived sideways movement that’s kept it mostly beneath $30,000 since April is due to market uncertainty. 
 As Cointelegraph reported, data from Switzerland-based investment adviser 21e6 Capital AG shows that Bitcoin “hodlers,” those who held funds in BTC, outperformed crypto funds by 69% in the first half of 2023. 
 The 2022 implosion of FTX&nbsp;and regulatory and legal uncertainty for numerous other exchanges may have tempted crypto funder investors to increase the amount of cash-on-hand versus invested <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a>, thus causing the current decay. 
 The report from 21e6 Capital AG did note that investor sentiment currently appears to be slightly up versus the first half of 2023. 
 Related: European digital asset manager CoinShares’ revenue up 33% in Q2 
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Bitcoin funds see weekly outflows of $111M, most since March: CoinShares

TheBitTimes

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