The latest CoinShares weekly report on the flow of funds in digital asset investment products reveals a steady trend of outflows for the fourth week in a row. These departures amounted to $54 million, contributing to a total figure of $200 million since the beginning of the year.
Interestingly, amid the outflows, inflows into several altcoins were also seen, indicating a growing willingness among investors to explore new opportunities. Notably, Cardano (ADA) emerged as the standout player among these altcoins.
According to CoinShares, Cardano-focused investment products witnessed a remarkable influx of $500,000 over the past week. This increase in investment is particularly noteworthy as it represents the largest flow of funds into ADA in the past month, bringing the total inflow to $4 million since the start of the year.
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Unlike, Bitcoin experienced significant withdrawals worth $38 million, representing a substantial 80% of the total withdrawal from the market during this period. These exits, combined with the reduction of Bitcoin short positions, highlight the prevailing investor sentiment that has largely revolved around BTC.
Overall, the CoinShares report suggests a trend for investors to diversify their portfolios by venturing into alternative cryptocurrencies. Although investment products in digital assets, in general, experienced outflows, Cardano became an attractive option for investors, attracting significant inflows. At the same time, the dominance of Bitcoin in terms of outflows indicates that investor attention has remained focused on this flagship cryptocurrency.
