Cryptocurrency investment products have seen their sixth consecutive week of outflows, with $9 million leaving these products over the past week. Notably, amid these outflows, products offering exposure to Litecoin ($LTC), Solana ($SOL), and $XRP stood out with significant inflows.
According to CoinShares’ latest Digital Asset Fund Flows report, this past week saw relatively low volumes of $820 million for these products, below the $1.3 billion average. While Bitcoin investment products saw $5.9 million of outflows and Ethereum investment products saw $2.2 million of outflows, some altcoin-focused products stood out.
Investment products focusing on multiple cryptocurrencies saw $400,000 of outflows, while products offering investors exposure to $XRP saw $700,000 of inflows. Those focusing on Solana saw $300,000 of inflows, and those focusing on Litecoin saw $500,000 of inflows.
Year-to-date, Ethereum-focused products have seen over $115 million of outflows while Solana-focused products have seen $26 million of inflows. XRP products have seen $14 million of inflows over the same period, leading to assets under management of $60 million.
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The rising outflows in the cryptocurrency space come at a time in which major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin exchange-traded fund (ETF) in the United States kicked off.
As noted by CoinShares Chief Strategy Officer, Meltem Demirors, at least eight financial behemoths, which include BlackRock, Fidelity, JP Morgan, Morgan Stanley, Goldman Sachs, BNY Mellon, Invesco, and Bank of America are “actively working to provide access to Bitcoin and more.”
The $27 trillion figure, it’s important to point out, represents a grand total of assets under management across the aforementioned institutions, and only a minuscule fragment of this gargantuan sum is anticipated to be channeled into cryptocurrency investments.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2023/09/crypto-outflows-continue-as-ltc-xrp-and-sol-buck-the-trend/
