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Bitcoin and Ethereum See Significant Outflows While Cardano and XRP See Minor Inflows

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Tue, 08/03/2021 - 04:53
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Alex Dovbnya
Cardano and XRP managed to record minor inflows while Bitcoin and Ethereum hemorrhaged capital
Bitcoin and Ethereum See Significant Outflows While Cardano and XRP See Minor Inflows
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Investment products that track the value of Cardano and XRP saw minor inflows of $1.1 million and $0.5 million, according to data provided by CoinShares.

CoinShares
Image by coinshares.com

Multi-asset products recorded $7.5 million worth of inflows over the past week.  

Meanwhile, Bitcoin and Ethereum, the two largest cryptocurrencies, continued hemorrhaging capital.

The crypto king logged its fourth consecutive week of outflows that totaled $19.7 million.

Institutions trimmed their exposure to Ethereum by $9.5 million.   

Bitcoin Cash and Polkadot had negligible inflows.

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Notably, the most recent string of outflows from Bitcoin and Ethereum funds came amid a significant price recovery.

Bitcoin recently recorded eight green candles in a row on the daily chart, its longest bullish streak since 2013.

Ether has experienced an even more impressive comeback with 13 consecutive days of gains.

Both cryptocurrencies are now under some pressure after overstretched rallies. Bitcoin has dipped below $39,000 while Ethereum is struggling to hold onto the $2,500 level.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.