Each of the funds associated with Solana, XRP, and Cardano saw a weekly influx of $16.3 million, while Bitcoin funds experienced losses of $32.8 million.
The findings of the analysis by CoinShares indicate that the overall withdrawals are associated with profit-taking, but investor opinion continues to be optimistic on cryptocurrency assets.
The weekly price of Bitcoin plummeted by about seven percent, while the prices of Solana, XRP, and Cardano dropped by between six and eleven percent.
According to statistics provided by CoinShares, cryptocurrency funds experienced their first withdrawals of cash last week, following eleven consecutive weeks of significant inflows of capital from institutional investors as a result of their investments. One of the primary factors that contributed to the fall was a recent wave of withdrawals from Bitcoin funds. At the same time as Bitcoin funds had an outflow of $32.8 million in investor money, other cryptocurrencies experienced an influx of capital from investors.
Alternative cryptocurrencies thrive in the weekly crypto fund flows of institutional investors.
Over the previous week, the price of bitcoin experienced a decline of about seven percent. Similar decreases in price were observed for other cryptocurrencies such as Solana (SOL), XRP, and Cardano (ADA). According to the fund report published by CoinShares, institutional investors have been pouring funds into alternative cryptocurrencies like as Solana, XRP, and Cardano despite the weekly fall in the value of these assets.
According to the data that was made public early on Monday morning, SOL, XRP, and ADA received a total of $16.3 million in cryptocurrency transactions.
CoinShares experts attributed the withdrawals of Bitcoin to profit-taking rather than a shift in attitude among investors. This was the explanation given for the outflows. Up to this point in the year, Bitcoin funds have received $1.6 billion.
In addition to Bitcoin, other cryptocurrencies such as Ethereum (ETH) and Avalanche (AVAX) experienced a decline in their value. According to the data, trading activity for the week remained consistently higher than the annual average, coming in at $3.6 billion. This was the case despite the significant shift in fund flows.
The movement of funds and the pricing of assets do not have a direct association with one another. Despite the fact that BTC funds had a significant outflow of funds while SOL, XRP, and ADA experienced inflows of funds from investors, the values of all four cryptocurrencies experienced a fall. In that order, the values of SOL, XRP, and ADA fell by 8.5%, 6.5%, and 11.24%, respectively.
