As Bitcoin Bears Rampage, Solana And Other Altcoins See Inflows
Portfolio Pulse from Murtuza Merchant
Digital asset investment products saw a downturn this week, with outflows reaching $107 million, indicating an accelerated pace of profit-taking. Bitcoin (CRYPTO: BTC) experienced its most significant weekly outflows since March, amounting to $111 million. Ethereum (CRYPTO: ETH) also recorded outflows of $6 million. However, altcoins like Solana (CRYPTO: SOL), Ripple (CRYPTO: XRP), and Litecoin (CRYPTO: LTC) saw inflows, with Solana leading with $9.5 million. Uniswap (CRYPTO: UNI) and Cardano (CRYPTO: ADA) experienced outflows.
August 07, 2023 | 2:12 pm
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NEGATIVE IMPACT
Cardano experienced outflows, with figures standing at $0.3 million.
Following the trend of Bitcoin and Ethereum, Cardano also experienced outflows, which could potentially lead to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Bitcoin saw its most significant weekly outflows since March, amounting to $111 million.
The significant outflows from Bitcoin indicate an accelerated pace of profit-taking, which could potentially lead to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Ethereum recorded outflows of $6 million.
Following the trend of Bitcoin, Ethereum also recorded outflows, which could potentially lead to a decrease in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Solana led the pack with the most substantial inflows, amassing $9.5 million.
Solana saw the most substantial inflows among altcoins, which could potentially lead to an increase in its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 90