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Despite bitcoin’s (BTC-USD) 2.8% rise last week, digital asset investment products logged outflows for the fifth straight week totaling $54M, CoinShares reported on Monday.
Bitcoin (BTC-USD) funds comprised 85% of the outflows for the week ended September 15, totaling $45M, while short-bitcoin products saw outflows of $3.8M.
The bullish momentum in bitcoin (BTC-USD) last week accelerated on Monday, surpassing $27K, amid traders’ expectation the Federal Reserve will keep borrowing costs unchanged on Wednesday.
Ethereum (ETH-USD), the world’s largest altcoin by market cap, experienced outflows of $4.8M, the report said, “despite what we believe are attractive investment fundamentals and high demand for its staking yield.”
Some altcoins are defying the trend, CoinShares pointed out, with solana (SOL-USD), cardano (ADA-USD), and XRP (XRP-USD) all booking inflows of $0.7M, $0.43M and $0.13M, respectively.
