Crypto asset investment products recorded the first week of outflows after four consecutive weeks of inflows from institutions that totaled $742 million, according to a report by CoinShares on July 24.
Crypto asset investment products saw minor outflows totaling $6.5 million.
The trading volumes were below the year-weekly average at $1.2 billion, compared to $2.4 billion the previous week.
Negative sentiment was primarily focused on the North American market, which saw 99% of outflows ($21 million) as the regulatory war on crypto continues.
Investors sold Bitcoin worth $13 million and switched to Ethereum, which saw $6.6 million inflows. Also, short BTC investment products saw outflows for the 13th consecutive week totaling $5.5 million.
This “suggests sentiment, which has been poor this year, is slowly beginning to turn around,” noted CoinShares.
After Ethereum, XRP recorded $2.6 million in inflows due to Ripple’s partial victory against the US SEC.
Other altcoins Solana, Uniswap, and Polygon (Matic), saw inflows totaling $1.1 million, $0.7 million, and $0.7 million, respectively. Trading volumes decreased significantly last week.
The total market cap has dropped a further 1.4% on the day to $1.21 trillion, but it remains within its tight multi-monthly range.
Bitcoin prices fell to 2.3%, that is $29,000, currently trading near $29,200.
Meanwhile, Ethereum (ETH) price trades near $1850, falling comparatively less than Bitcoin, and Dogecoin is up 9% on the day.
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