As Bitcoin Bears Rampage, Solana And Other Altcoins See Inflows

Digital asset investment products experienced a downturn this week, with outflows reaching a total of $107 million.

This trend indicates an accelerated pace of profit-taking in recent weeks, according to a research report by Coinshares.

The primary focus remained on Bitcoin BTC/USD, which saw its most significant weekly outflows since March, amounting to $111 million.

The overall trading volumes in investment products have been subdued, registering 36% below the year-to-date average.

This summer slowdown is even more pronounced in the broader on-exchange market, where volumes have plummeted by 62% compared to the year-to-date average.

On a regional scale, the outflows were predominantly concentrated in two Exchange Traded Product (ETP) providers located in Germany and Canada.

These regions witnessed outflows of $71 million and $29 million, respectively.

The significant outflows from Bitcoin, the largest since the escalation of U.S. regulatory scrutiny in March, were noteworthy.

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Interestingly, after a continuous 14-week trend, the outflows into short Bitcoin positions have come to a halt.

Ethereum ETH/USD wasn't spared either, recording outflows of $6 million.

Combined, Bitcoin and Ethereum saw a total outflow of $117 million in the past week.

However, it's not all gloomy in the digital asset space.

The sentiment around altcoins appears to be on the rise, compensating for the outflows observed in Bitcoin and Ethereum.

Solana SOL/USDled the pack with the most substantial inflows, amassing $9.5 million.

This marks the highest single-week inflow for Solana since March 2022.

Other altcoins that garnered attention include Ripple (CRYPTO: XRP) and Litecoin (CRYPTO: LTC), which saw inflows of $0.5 million and $0.46 million, respectively.

On the flip side, Uniswap (CRYPTO: UNI) and Cardano ADA/USD experienced outflows, with figures standing at $0.8 million and $0.3 million, respectively.

Read Next: Revolut Pulls Plug On Crypto Trading In US, Blames 'Changing Regulatory Climate'

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