Bitcoin Faces Outflows, While Cardano, Solana, and XRP See Institutional Inflows
Over the past week, various crypto investment funds, which include Bitcoin and Ethereum holdings, experienced a considerable outflow of funds, causing some concerns among investors. Surprisingly, Solana, Cardano, and XRP emerged with unexpected gains instead of losses.
Bitcoin and Ethereum’s Outflow Challenge
Bitcoin experienced a significant outflow of funds. Interestingly, approximately 85% of the capital that departed from crypto funds can be attributed to Bitcoin alone, totaling a staggering $45 million within just one week. This event unfolded concurrently with Bitcoin’s efforts to regain its lost value.
At the beginning of the week, Bitcoin’s value stood slightly above $25,000. However, as the week progressed, it climbed to surpass $26,000. Presently, in the current market, Bitcoin is being traded at $27,100—a remarkable increase of 8.3% over the past six days.
Ethereum (ETH) faced its share of challenges too, although typically favored by investors, it witnessed an outflow of $4.8 million from its coffers.
Other prominent cryptocurrencies like Binance Coin (BNB) and Polygon (MATIC) experienced some withdrawals as well, although not to the same extent.
The Stars of the Show – Solana, Cardano, and XRP
While many cryptocurrencies were experiencing outflows, Solana, Cardano, and XRP attracted additional investments. Specifically, Solana attracted $700,000 in new funding, followed by Cardano with $400,000 and XRP with $100,000.
During just one week, the trading volume surged by an impressive 42%, skyrocketing from $754 million to an astounding $1 billion. Such substantial growth demonstrates the overwhelming engagement of numerous individuals in this form of financial activity.
From eight out of the last nine weeks, more money left than came in. This phenomenon wasn’t limited to the United States; it occurred in other countries like Germany, Canada, and Sweden as well.
Solana and Cardano have outperformed XRP in the past 24 hours. Solana experienced a rise of 5.5%, while Cardano saw an increase of 2.8%. In contrast, XRP only managed to go up by 1%.
Even though crypto funds have seen a lot of money leaving, Solana, Cardano, and XRP have shown that they can still attract new investments.