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Bitcoin investment products recorded their first outflows in 12 weeks last week as Solana stole the show with $10.6 million of inflows.
Outflows from crypto investment products altogether hit $15.8 million as Bitcoin products lost $32.8 million, CoinShares reported. Solana was the star performer, followed by Cardano with $3 million in inflows and (XRP) with $2.7 million.
Bitcoin Outflows Partially Offset By Altcoin Inflows
Altcoins bucked the downtrend, seeing US$21m of inflows. The main beneficiaries being Solana, Cardano, XRP and Chainlink.
Ethereum (ETH) products though were the other big loser with $4.3 million of outflows while Avalanche (AVAX) products saw a $1 million outflow.
Despite the outflows, trading activity remained a strong $3.6 billion, well above the average of $1.6 billion per week for the year.
Bitcoin sees $33 million in outflows after 11-week streak of inflows to crypto funds ends https://t.co/1TejyWRW5C
— The Block (@TheBlock__) December 18, 2023
CoinShares said the shift was triggered more by profit taking than a shift in sentiment.
The US and German markets drove the net outflows with $18.3 million and $9.7 million, respectively. Switzerland and Canada saw the strongest inflows, with $9.1 million and $6.9 million, respectively.
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