While altcoins were leading the race last week in terms of price performance, crypto majors Bitcoin BTC/USD and Ethereum ETH/USD lagged. Although not connected, a similar trend was noticed in terms of weekly digital asset investment products inflows/outflows.
What Happened: Based on CoinShares latest weekly report, Solana SOL/USD was leading the list of digital assets in terms of inflows with $10.6 million for the week.
Contrarily, Bitcoin experienced a significant turn in its consecutive 11 weeks of inflows as it reported $32.8 million in outflows. Ethereum saw an outflow of $4.3 million during the week.
Altcoins, Cardanao ADA/USD, and XRP XRP/USD followed the list with inflows of $3 million and $2.7 million respectively. Chainlink LINK/USD also received $2 million in fund inflows while Avalanche was on the list of outflows with $1 million.
The report states that trading activity of $3.6 billion remained significantly higher than the year-to-date average of $1.6 billion.
Based on regions, the U.S., Germany, and Sweden witnessed outflows of $18.3 million, $9.7 million, and $4 million respectively. On the other hand, Switzerland received $9.1 million in fund inflows followed by Canada and Brazil with $6.9 million and $3.5 million respectively.
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Why It Matters: Notably, investors took to profit-taking after the significant rally in BTC and other tokens leading to the outflows. In the past 30 days of trading, Bitcoin reported a 13.4% gain while ETH was higher by 11.1%.
Altcoins, Solana, and Cardano saw price gains of 3.1% each in the past week while BTC and ETH were trading 1.5% and 2.4% down respectively during the same timeframe.
The CoinShares report adds that blockchain equities stayed on the green side of the graph with significant inflows of $122 million during the week which takes the past 9-week consecutive inflows to $294 million making it the largest on record.
Price Action: At the time of writing, BTC is changing hands at $41,302 marking an increase of 0.7% gain in the past hour and a 1.5% drop in the last 24 hours
Image: Pixabay
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