Sunday, July 21, 2024

Solana, XRP, Cardano Rake in Millions as Bitcoin Retreats.

Crypto funds experienced their initial withdrawals last week following eleven consecutive weeks of substantial inflows of capital from institutional investors, as per CoinShares’ data. A recent wave of outflows of Bitcoin capital was the primary cause of the decrease. Altcoins observed an influx of investors, defying the trend of $32.8 million in capital outflows from BTC funds.

Institutional investors’ weekly crypto fund flows highlight the value of altcoins
In the last week, there was an almost 7% decline in the price of bitcoin. Similar price decreases were observed for altcoins including Cardano (ADA), XRP, and Solana (SOL). Despite the weekly drop in the value of these assets, institutional investors poured money into altcoins including Solana, XRP, and Cardano, according to CoinShares’ fund report.

In all, SOL, XRP, and ADA reported an inflow of $16.3 million, per the report that was made public early on Monday.

CoinShares experts attributed the withdrawals of Bitcoin to profit-taking instead of a change in investor mood. Thus far this year, Bitcoin funds have received $1.6 billion.

In addition to Bitcoin, several cryptocurrencies saw withdrawals, including Ethereum (ETH) and Avalanche (AVAX). The study states that trading activity for the week was $3.6 billion, above the annual average, notwithstanding the significant shift in fund flows.

The prices of assets and fund flows are not correlated. Although investors saw large withdrawals from BTC funds, SOL, XRP, and ADA saw inflows; yet, the prices of all four cryptocurrencies declined. The prices of ADA, XRP, and SOL decreased by 11.24%, 6.5%, and 8.5%, respectively.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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