CoinShares’ weekly cryptocurrency fund flows report shows that institutional investors are moving away from 3 altcoin projects. The number of altcoins that saw fund inflows were Solana and XRP.
Institutional money moves away from these 3 altcoin projects
According to CoinShares’ fund flow report, cryptocurrency investment products have seen a total outflow of $5 million since last week. Bitcoin saw small inflows of $4.6 million for 6 consecutive weeks. While the price continued to consolidate around $19,000, short Bitcoin investment products also shrank by $7.1 million. Ethereum saw a total of 2.5 million exits for the third week in a row. Since the merge upgrade completed on September 15, their total debuts have reached $11.5 million. According to the report, most altcoins have been losing institutional interest since last week. The list of debuting altcoins is as follows:
- Ethereum (ETH)
- BNB Coin (BNB)
- Cardano (ADA)
In the overall picture, cryptocurrency investment products have seen a total outflow of 5 million since last week. Regionally, Sweden, Canada and the US experienced the most activity, with total exits of $4.5, $1.9 and $1.2 million respectively. Germany, Brazil, and Switzerland have all seen minor entries.
Fundraising altcoins
Top fundraising products: Solana and XRP. Ripple (XRP) saw $0.8 million in inflows during the week. While small, it’s close to the largest since the lawsuit began with the SEC. Litecoin and Tron were stable compared to last week.
