Altcoin funds see inflows, bitcoin registers 8th consecutive week of outflows

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NEW DELHI: Investors continued to invest in digital altcoin-based funds, such as ether and cardano, even as bitcoin funds recorded their eighth consecutive week of exits last week, the manager said. ‘CoinShares digital assets. Altcoins is a cumulative term to define post-bitcoin cryptocurrencies.

The inflows followed the longest bearish streak since 2018, however, the recovery was mainly driven by an improvement in sentiment towards altcoins rather than bitcoin this time around.

Overall, crypto funds recorded a second straight week of influx, totaling $ 24 million last week. On the other hand, bitcoin recorded exits for the 8th week in a row, with exits totaling $ 3.8 million last week. The digital asset has seen exits in 14 of the past 16 weeks, with exits totaling $ 650 million.

Cardano, which recently became the third-largest cryptocurrency, registered inflows totaling $ 10.1 million last week, the largest on record, taking its market share to 0.15%.

Altcoins, including ethereum, now represent 32% of total digital assets under management (AUM), close to the record high of 35% set in mid-May of this year and surpassing the record 30% of January 2018.

In addition, solana and polkadot continued to register inflows of $ 2.7 million and $ 1.5 million, respectively. Solana has overtaken Bitcoin Cashs AUM and now totals $ 15.7 million.

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