Crypto investment products neared $5 billion in outflows in the last four weeks, but late-week inflows show early signs of improving sentiment despite heavy selling, CoinShares said.
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Cryptocurrency investment products have hit almost $5 billion in outflows over the past four weeks, but inflows during the final days of last week offered a small sign of improving sentiment.
Crypto exchange-traded products (ETPs) saw $1.94 billion in outflows last week, a small decline from the the previous week, according to a Monday research from CoinShares.
The four-week total now stands at $4.9 billion, marking the third-largest outflow run on record. Only the March and the February 2018 downturn were bigger.
Still, CoinShares noted “tentative signs of a turnaround,” citing $258 million in inflows during the last trading days of the week following seven straight days of redemptions.
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XRP () investment products were a rare bright spot. XRP exchange-traded products (ETPs) recorded $89.3 million in inflows last week, defying the broader downturn even as the token fell 6.9%.
Solana () ETPs were in the red with $156 million in outflows and SOL falling 3.5%, according to Cointelegraph data.
Bitcoin () saw the majority of outflows, at $1.27 billion, while Ether () funds followed with $589 million in weekly outflows.
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Meanwhile, the industry’s most successful traders, who are tracked as “smart money” traders on Nansen’s blockchain intelligence platform, are betting on the short-term appreciation of the XRP token.
Smart money traders added $10.4 million worth of cumulative leveraged long positions in the past 24 hours, as the cohort was net long with $74 million, according to .
However, smart money was still betting on a further decline in Bitcoin, with $325 million in cumulative net short Bitcoin positions.
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