A cryptocurrency market traffic report from CoinShares shows traders are more confident in XRP and Solana.
In the week ending September 24, virtual currency investment products experienced capital outflows for the sixth consecutive week. According to data from CoinShares, digital asset outflows from crypto investment products reached $9 million last week.
BTC experienced outflows for the third consecutive week, reaching $6 million last week. Bitcoin short positions saw $2.8 million in outflows. Ethereum (ETH) has experienced a sixth consecutive week of outflows, with $2.2 million flowing out last week. On the other hand, alternative coins such as XRP and Solana saw inflows of $660,000 and $310,000 respectively. The report states that investors are increasingly interested in the alternative currency space as XRP and SOL continue to see inflows.
The report also showed a divergence in sentiment among traders in Europe and the United States based on activity in different regions. Cryptocurrency investment products in Europe saw $16 million in inflows, while U.S. products saw $14 million in outflows.
This regional disparity is due to uncertainty around cryptocurrency regulations and recent actions against cryptocurrency companies by the U.S. Securities and Exchange Commission (SEC).
The report shows that average weekly trading volume fell below $820 million, well below the 2023 average of $1.16 billion.
CoinShares’ recent Digital Asset Liquidity Market Report reflects the current market sentiment, with the market facing bearish pressure. Bitcoin price is currently stuck below the key resistance level of $27,000, having been largely idle since the U.S. Federal Reserve’s recent decision not to raise interest rates this quarter. Meanwhile, delays in payouts from Mt. Gox’s creditors also played a crucial role in last week’s price action, but BTC has mostly remained unaffected by these two key market events.
