Weekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million.
Once again, the lion’s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week.
According to CoinShares’ Digital Asset Fund Flows weekly report, this indicates further “profit taking” on the heels of the previous cycle’s gains. For the month leading up to the recent spate of outflows, inflows of $742 million into crypto funds were seen, with 99% of that coming from Bitcoin.
Weekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average.
Regionally, only Australia and the United States show inflows with $0.3 million and $0.2 million incoming, respectively. The largest regional outflows came from Canada with $70.8 million and Germany with $28.5 million.
Despite Bitcoin’s outflows, the weekly total was somewhat buoyed by inflows from Solana (SOL) in the amount of $9.5 million, up from last week’s total of $0.6 in inflows. XRP (XRP) investment products also saw inflows of $0.5 million.
Ether (ETH) funds continue their negative trend, adding $5.9 million in outflows to the previous week’s $1.9 million. This entirely offsets prior inflows in the amount of $6.6 million and further separates it from Solana’s current bullish trend.
➡️ $SOL recorded the largest inflows, totaling US$9.5m, indicating a growing positive sentiment towards #altcoins. Other notable mentions include $XRP and $LTC.
4/5 pic.twitter.com/0v8V9DjwRQ
— CoinShares (@CoinSharesCo) August 7, 2023
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