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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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
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