Tron, Cardano and Sandbox Rise as Investors Ditch Bitcoin

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In an unprecedented development in the digital asset investment space, investors appear to be turning away from Bitcoin BTC/USD and towards alternative cryptocurrencies.

Outflows from Bitcoin investment products amounted to $38 million last week, contributing to a total of $160 million in outflows over the past four weeks.

These figures constitute 80% of all crypto outflows during this period, signifying declining interest in the world’s leading cryptocurrency, according to data published by digital asset platform Kaiko.

The investment outflow trend was seen steadily for the fourth consecutive week, totaling $54 million for the week.

This contributed to an overall outflow of $200 million over the past month, representing 0.6% of total assets under management (AuM). This trend, combined with recent price declines, has resulted in a 13% reduction in total assets under management since the peak in mid-April.

Also Read: Bitcoin and Ethereum Break End of Crypto Love Affair?

While outflows were geographically dispersed, Europe saw a larger proportion, especially as 84% ​​of outflows in the US were attributed to investors offloading short positions.

Amid these massive releases, an intriguing shift has been detected.

Investors are showing increased interest in altcoin assets. Multi-asset investments saw outflows of $7 million last week, but in a surprising turn of events, eight different altcoin assets saw inflows.

Cardano ADA/USD, Tron TRON/USD, and Sandbox SAND/USD emerged as the top picks, with inflows of $0.5 million, $0.23 million, and $0.2 million, respectively.

Meanwhile, Binance BNB/USD was the only altcoin witnessing outflows, totaling $0.5 million.

This change in investment behavior suggests a growing trend among investors towards diversification and a willingness to explore opportunities beyond Bitcoin.

Read more: Cryptocurrency on the rise, DOJ cracks down on violators, including ‘Too Big To Fail’

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