Recent data shows that crypt asset investment products are consistently showing considerable outflows. Bitcoin (BTC) comprised 85% of these outflows in the last week. On the other hand, some prominent cryptocurrencies, including Ripple (XRP), Solana (SOL), and Cardano (ADA) witnessed inflows from institutional investors.
As per the latest data report, digital asset investment products saw a total outflow of $54 million in the last week. Out of this, a $45 million outflow was recorded in Bitcoin (BTC). In this week, short-bitcoin noted an outflow of $3.8 million but its month-to-date inflows still stand at $12 million, making it one of the most in-demand investment products in the market.
SOL, XRP, and ADA Shine in a Dull Week for Investment Products
The US SEC has once again delayed its decision on Bitcoin ETFs. Thus, analysts attribute the poor performance of these products to this delay. Ethereum showed better investment fundamentals and high demand in its staking yield but still recorded an outflow of $4.8 million. Binance Coin (BNB) and Polygon (MATIC) were among other cryptocurrencies to notice minor outflows.
Nonetheless, SOL, ADA, and XRP have continued to lure more investors. SOL was the pick of cryptocurrencies as it observed inflows of $0.7 million. It was followed by ADA and XRP with inflows of $0.43 million and $0.13 million, respectively. Due to this, all of these tokens saw a relatively positive movement in their price as well.
Experts believe that there is a lot of strict scrutiny and uncertainty within the US regulatory space about cryptocurrencies. This has a lot to do with the interest shown by the investors and traders in the market. The rigid stance of US authorities and government is stalling the growth of the crypto market.
Crypto Whales are Getting Back in Action
The new week has started with a bang for cryptocurrencies, as Bitcoin has surpassed the $27K level. Most cryptocurrencies are trading in visibly green territories as compared to the last week. These are positive signs for the market that was stuck in bearish ranges for several days now.
In addition, crypto whales are also showing some movement. It was reported that a whale bought around 92,600 ETH call option contracts worth $150 million on the Deribit exchange. Each options contract represents 1 ETH on the exchange.
In just the past hour, over 40,000 ETH Block calls were traded, almost all buying 29DEC23-2200-C, and with the nearly 50,000 buying 27OCT23-2000-C last night, the cumulative number of block calls traded has reached 92,600 ETH.
The whale actively bought $150 million worth of… pic.twitter.com/GwI39Ph0GZ— Greeks.live (@GreeksLive) September 18, 2023
