- Digital asset investment products attracted a steady influx of funds, reaching $43 million in the latest CoinShares report.
- Short position inflows increased significantly, driven by recent price appreciation and concerns about potential downside risks.
- Altcoins, including Solana and XRP, experienced optimistic sentiment, with inflows of $3.1 million and $0.8 million.
In continuation of a trend spanning 11 weeks, digital asset investment products have seen a steady influx of funds, totaling $43 million, according to the latest CoinShares report. Notably, the report highlights a substantial increase in short position inflows, attributed to recent price appreciation and concerns about potential downside risks.
Bitcoin continues to lead the pack, securing a lion’s share of the inflows with $20 million in the past week alone. This recent surge brings Bitcoin’s year-to-date total to an impressive $1.7 billion. Investors appear to maintain confidence in Bitcoin despite the evolving market dynamics.
Altcoins Benefit from Optimistic Sentiment: Solana and XRP Inflows
The optimistic sentiment in the cryptocurrency market is evident in the inflows to altcoins. Solana and XRP, in particular, have reaped the rewards, attracting inflows of $3.1 million and $0.8 million, respectively, contributing to a cumulative altcoin inflow of $3.9 million. However, Cardano investment products experienced outflows amounting to $0.3 million.
Despite the spectacular gains over the weekend, the cryptocurrency market is now witnessing significant declines. CoinGlass statistics reveal that almost $405 million in crypto trading positions, betting on rising prices, were liquidated. As a result, XRP and Solana, along with other crypto assets, are experiencing profit-taking, with XRP down 6.5% to $0.616 and Solana dropping 8.2% to $67.3 in the last 24 hours.
