Bitcoin Faces Fund Outflows For First Time In Months, Solana Leads Weekly Inflows
Portfolio Pulse from Khyathi Dalal
Bitcoin (BTC) and Ethereum (ETH) experienced fund outflows for the first time in months, with Bitcoin seeing $32.8 million and Ethereum $4.3 million in outflows. In contrast, Solana (SOL) led weekly inflows with $10.6 million. Other altcoins like Cardano (ADA) and XRP also saw inflows. The U.S., Germany, and Sweden faced outflows, while Switzerland, Canada, and Brazil had inflows. Blockchain equities reported significant inflows, marking the largest on record over the past 9 weeks.
December 18, 2023 | 3:33 pm
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NEGATIVE IMPACT
Bitcoin experienced $32.8 million in outflows, indicating a potential shift in investor sentiment or profit-taking after recent gains.
The outflows from Bitcoin after an 11-week streak of inflows could suggest a short-term bearish sentiment among investors, potentially leading to a decrease in its price.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
Ethereum saw a $4.3 million outflow, which may reflect a similar sentiment to Bitcoin's outflows or a rebalancing of portfolios.
Ethereum's outflows, although smaller than Bitcoin's, could also indicate a negative short-term outlook, potentially leading to a slight price drop.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Cardano received $3 million in inflows, which could support its price stability or growth in the short term.
Inflows into Cardano may indicate investor confidence and could contribute to a positive price trend for ADA.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Solana led the weekly inflows with $10.6 million, suggesting increased investor interest and potential for price appreciation.
The leading inflows into Solana may drive positive sentiment and an increase in its price in the short term, as it diverges from the outflows seen in BTC and ETH.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 85
POSITIVE IMPACT
XRP saw inflows of $2.7 million, which may contribute to positive price action in the near term.
The inflows into XRP suggest that investors are showing interest, which could lead to an increase in its price in the short term.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 70