XRP and Cardano Defy Market Sentiment: Here’s the Scoop! 💸📉

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Oh, dear! The entire crypto industry has been having a rather unpleasant time, wouldn’t you say? The recent weeks have been nothing short of a veritable rollercoaster ride, with the crypto investment funds feeling the brunt of it all. As the latest CoinShares weekly report on digital asset invesment funds has revealed, the past five weeks have seen a record-breaking outflow streak, with a staggering $6.4 billion exiting the funds during this tumultuous period.

A Record-Breaking Five Weeks Of Outflows For Crypto Invesment Funds

According to CoinShares, digital asset investment products have now endured five consecutive weeks of outflows, amounting to a total of $6.4 billion within this timeframe. This marks the worst outflow streak in history, with $1.7 billion exiting the funds just last week alone. The persistent negative sentiment has driven total assets under management (AuM) down by $48 billion since the beginning of this downturn.

Bitcoin, the proverbial belle of the ball, has been at the center of this selling pressure, seeing an additional $978 million in outflows from investment funds over the past week. This brings its total withdrawals over the five-week period to $5.4 billion, representing 80.5% of the total withdrawals. Interestingly, short Bitcoin positions also saw an exodus of $3.6 million last week, showing that sentiment is currently undecided despite the bearish trend.

Ethereum, the second-largest cryptocurrency by market cap, has also been feeling the heat, suffering $175 million in outflows. The poor dear has struggled to gain investor confidence throughout this cycle. Solana, which on the other hand, has been able to gain investor confidence this cycle, also recorded $2.2 million in outflows from its investment funds last week.

The outflows have been largely concentrated in the United States, which accounted for 93% of all exits last week, equating to $1.16 billion. Switzerland also experienced significant withdrawals amounting to $528 million, primarily due to the departure of a major seed investor. Meanwhile, Germany, Australia, Brazil, and Hong Kong deviated from the trend of outflows, recording modest inflows of $8 million, $1.6 million, $4,2 million, and $0.7 million, respectively.

XRP and Cardano Defy Market Sentiment

In a surprising turn of events, XRP and Cardano were the only major altcoins to attract inflows despite the broader bearish environment. XRP led the charge with an impressive $1.8 million in inflows, marking a stark contrast to the exits seen across other top digital assets.

Cardano, though drawing a more modest figure, still saw a net inflow of $0.4 million, indicating resilience amid market-wide withdrawals. These inflows come as XRP reversed into a 15% uptrend last week while Cardano traded with indecisiveness.

The report also highlighted the dire state of Binance‘s investment products, which saw their AuM nearly wiped out. A significant seed investor exit left the exchange with just $15 million in assets under management. Blockchain equities also suffered during this period, recording a total outflow of $40 million last week.

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2025-03-18 20:13