11-week streak of inflows in crypto investment products comes to an end with significant outflows.
Investment products experienced minor outflows totaling $16 million last week, marking the end of 11 consecutive weeks of inflows, as reported by CoinShares. Despite the outflows, trading activity remained significantly higher than the annual average, reaching $3.6 billion for the week compared to the year-to-date average of $1.6 billion.
The United States saw the largest withdrawal of funds, amounting to $18 million, followed by Germany with $10 million. However, Canada and Switzerland experienced an influx of $6.9 million and $9.1 million, respectively, partially offsetting the outflows.
Bitcoin (BTC) was the hardest hit, recording outflows of $33 million, while short Bitcoin saw minor outflows of $0.3 million. On the other hand, altcoins received an influx of $21 million. Solana (SOL), Cardano (ADA), XRP, and Chainlink (LINK) were the main beneficiaries, receiving $10.6 million, $3 million, $2.7 million, and $2 million, respectively. Ethereum (ETH) and Avalanche (AVA) experienced slight declines, earning $4.4 million and $1 million, respectively.
In the world of blockchain stocks, positive sentiment continued to drive strong inflows of $122 million last week, bringing their growth to $294 million over the past 9 weeks, reaching a new milestone. Additionally, analysts reported the largest inflow of funds in history into blockchain stocks, surpassing $126 million. The total investment in blockchain stocks amounted to $43 million.
Many market participants anticipate a decline in prices, as investors typically take profits after a period of strong growth, leading to a market correction.
