XRP, Solana, and Cardano are maintaining their appeal to institutional investors, even amid the backdrop of Bitcoin outflows.
Throughout another week of digital asset investment product activity, there were net outflows, primarily driven by Bitcoin, which accounted for 85% of these outflows. Interestingly, XRP, Solana, and Cardano still attract investments from investors despite notable corrections in their respective values. Notably, the strict regulatory environment in the United States appears to be a significant factor influencing this negative sentiment.
Outflows from Crypto Assets Persist
According to the latest information from CoinShares on September 18, there was a total outflow of $54 million from investment products related to digital assets in the previous week.
Bitcoin saw a significant outflow of $45 million, representing 85% of the total outflows. Short-Bitcoin also experienced outflows of $3.8 million but remains the most popular investment product, with month-to-date inflows reaching $12 million. These developments coincide with the U.S. SEC’s decision to delay its ruling on the spot Bitcoin ETF until mid-October.
Despite Ethereum’s favorable investment fundamentals and the strong demand for its staking rewards, it registered outflows of $4.8 million. Moreover, alternative cryptocurrencies such as BNB and Polygon (MATIC) continued to see slight reductions in their investments.
Nevertheless, XRP, Solana, and Cardano remain appealing to investors, drawing in $0.7 million, $0.43 million, and $0.13 million in inflows, respectively. Over the past week, the prices of XRP, Solana, and Cardano have surged by 11%, 5%, and 7%.
The strict regulatory environment in the United States is influencing investor sentiment negatively. The SEC and the U.S. government’s anti-crypto stance are causing harm to cryptocurrency investors, which appears to be in contrast to their stated goal of investor protection.
BTC Price Bounces Back
In the past 24 hours, the price of BTC has surged by over 2%, currently trading at $27,281. During this period, it reached a low of $26,415 and a high of $27,268 (press time).
Additionally, there has been a significant 70% uptick in trading volume within the past 24 hours, indicating a heightened level of interest among traders. This surge in trading activity aligns with the expansion of open interest, which occurred alongside a positive performance for Bitcoin throughout the week.
The price of ETH currently stands at $1,663 (press time), reflecting a 2% increase over the past 24 hours. Furthermore, there has been a notable surge in trading volume for ETH during this same 24-hour period.
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