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Home Cryptocurrency Alt coins

Whales began to buy Cardano, Polkadot and other altcoins. Bitcoin showed an outflow

Admin by Admin
24.05.2022
in Alt coins, Cryptocurrency
17 1
0

Reading time: ~2 m


Large investors diversify portfolios at the expense of altcoins and multi-currency crypto products, considering them safer in times of instability

Over the past week, institutional investors have invested $ 1 million in investment products focused on Polkadot and Cardano, as well as $ 700 thousand, $ 500 thousand and $ 100 thousand was directed to XRP, Solana (SOL) and Litecoin (LTC), respectively, according to the latest weekly report on the flows of digital assets CoinShares. Over the past week, the outflow of BTC amounted to $ 154 million, which led to an overall decrease in the digital asset market by $ 141 million.

An outflow totaling $ 154 million was recorded in the Americas, while in Europe there was an inflow of $ 12.4 million The total volume of crypto assets under management now stands at $ 38 billion, which is the lowest figure since July 2021, experts say.

“Continued volatility has led to volatility among investors, some of whom see the situation as new opportunities, but aggregate sentiment is predominantly bearish,” analysts said.

Ethereum (ETH) since the beginning of the year also has negative flows of $ 239 million Over the past seven days, the outflow amounted to $ 300 thousand Digital investment products, including several crypto assets, received an inflow of $ 9.7 million.

“This year, the outflow of funds from investment products, including several assets, was only two weeks, which is much less compared to other products. We believe that investors consider multi-currency investment products safer than single-currency ones during periods of instability,” CoinShares noted.

Also over the past two weeks, investors have withdrawn more than $ 10 billion from the USDT stablecoin from Tether. The capitalization of the altcoin fell from a record $ 84.2 billion on May 11 to $ 73.3 billion on May 23.


#Whales #began #buy #Cardano #Polkadot #altcoins #Bitcoin #showed #outflow

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