According to the latest report from CoinShares, digital asset investment products experienced significant outflows last week, with investors withdrawing over $58.4 billion from the market.
The two largest cryptocurrencies suffered the biggest losses, with Bitcoin seeing outflows of $63 billion and Ethereum losing $580,000.
Interestingly, this shift led to a sharp increase in investments in altcoins and diversified asset products. This indicates that despite a more widespread pessimism surrounding the mainstream market, investors are still finding opportunities in the altcoin market and cryptocurrencies.
Despite these outflows, Bitcoin short positions did not significantly increase, indicating that investor sentiment is somewhat complex. While bearish prospects have impacted both Bitcoin and Ethereum, the impact on ETH is relatively smaller.
Read more:
Crypto events this week that may affect certain token prices
Altcoins gaining popularity
In contrast to the outflows from the two largest cryptocurrencies, inflows into diversified asset products remained strong at $980,000. This change suggests that investors view the current weakness in the altcoin market as an excellent buying opportunity.
These sentiments are also supported by the inflows into specific tokens such as Solana (SOL), Litecoin (LTC), and Polygon (MATIC), which received $27,000, $13,000, and $10,000 respectively.
Global trends
Global trends also reflect this shift. The United States led with outflows of $47.5 billion, followed by Canada with $10.9 billion. Germany and Hong Kong also saw outflows of $240,000 and $190,000 respectively.
However, not all regions followed this trend. For example, Switzerland and Brazil saw inflows of $390,000 and $485,000 respectively.
