In the week ending September 24th, crypto investment products continued to experience outflows, marking the sixth consecutive week of such activity, according to CoinShares. Digital asset outflows from these products totaled $9 million for the week.
Bitcoin specifically saw outflows for the third week in a row, reaching $6 million. Outflows from Bitcoin short positions amounted to $2.8 million. Ethereum also saw its sixth consecutive week of outflows, with $2.2 million exiting the market in the past week.
In contrast, some altcoins like XRP and Solana experienced inflows of $660,000 and $310,000, respectively. This suggests a growing investor interest in the altcoin space, particularly in XRP and SOL.
Interestingly, regional differences in sentiment were observed, with European cryptocurrency investment products witnessing $16 million in inflows, while US products saw $14 million in outflows. This regional disparity is attributed to concerns about cryptocurrency regulations and recent actions taken by the US Securities and Exchange Commission (SEC) against crypto companies.
The report also noted that weekly trading volumes fell below $820 million, which is notably lower than the 2023 average of $1.16 billion. These trends indicate bearish pressure in the current crypto market. While Bitcoin remains stuck below the key resistance level of $27,000, recent events Such as the Federal Reserve's decision not to raise interest rates this quarter and payment delays involving Mt. Gox's creditors have had limited impact on BTC's price.
