1 min read.Updated: 31 Aug 2021, 05:03 PM ISTLivemint
The inflows followed the longest bearish streak since 2018
The recovery has been predominantly due to improved sentiment in altcoins rather than bitcoin
NEW DELHI :
Investors continued to pour into digital funds based on altcoins, such as ether and cardano, even as bitcoin funds logged their eighth straight week of outflows last week, digital asset manager CoinShares said. Altcoins is a cumulative term to define cryptocurrencies that came after bitcoin.
The inflows followed the longest bearish streak since 2018, however, the recovery has been predominantly due to improved sentiment in altcoins rather than bitcoin this time.
Overall, crypto funds saw a second consecutive week of inflows, totalling $24 million last week. On the other hand, bitcoin saw outflows for the 8th consecutive week, with outflows totalling $3.8 million last week. The digital asset has seen outflows in 14 out of the last 16 weeks, with outflows of $650 million in total.
Cardano, which recently became the third biggest cryptocurrency, saw inflows totalling $10.1 million last week, its largest on record, bringing its market share to 0.15%.
Altcoins, including ethereum, now represent 32% of total digital assets under management (AUM), close to the record 35% set in mid-May this year and surpassing the 30% highs seen in January 2018.
Moreover, both solana and polkadot continued to see inflows of $2.7 million and $1.5 million, respectively. Solana has overtaken Bitcoin Cash’s AUM and now totals $15.7 million.