The post Bitcoin and Ethereum see major outflows as altcoin investments rise appeared on BitcoinEthereumNews.com.

Digital asset investment products experienced significant outflows last week, with investors pulling a whopping $584 million from the market, according to CoinShares’ latest report. Bitcoin and Ethereum took the hardest hits, with Bitcoin seeing $630 million in outflows and Ethereum experiencing $58 million in outflows. Interestingly, this shift has led to a surge in altcoin investments, with multiple asset products receiving $98 million in inflows. This suggests that investors are spotting opportunities in the altcoin market despite the broader pessimism around major cryptocurrencies. Source: CoinShares This marks a second consecutive week of outflows, shaving off a total of $1.2 billion from digital asset investment products. The prevailing bearish sentiment among investors is largely attributed to the uncertainty surrounding potential interest rate cuts by the Federal Reserve this year. Despite the outflows, there was no huge increase in short positions against Bitcoin, indicating a somewhat complex investor sentiment. The bearish outlook that affected Bitcoin also took its toll on Ethereum, although the scale was somewhat smaller. Altcoins and multi-asset products gain traction In contrast to the significant outflows from Bitcoin and Ethereum, multi-asset products saw a notable $98 million in inflows. This shift indicates that investors are viewing the current weakness in the altcoin market as a prime buying opportunity. Source: CoinShares This sentiment is further supported by the inflows into specific altcoins. Solana, Litecoin, and Polygon were among the notable beneficiaries, receiving $2.7 million, $1.3 million, and $1 million, respectively. Global trends also reflect this shift. The United States led the charge in outflows with $475 million, followed by Canada with $109 million. Germany and Hong Kong also experienced outflows of $24 million and $19 million, respectively. However, not all regions followed this trend. Switzerland and Brazil bucked the consensus, recording inflows of $39 million and $48.5 million, respectively. Source:…

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Filed under: News - @ June 24, 2024 12:18 pm