Cryptocurrencies, blockchain, NFT and new trends

Cardano, tron, sandbox draw interest as investors shy away from bitcoin: CoinShares

Companies • May 15, 2023, 11:04AM EDT

Quick Take

  • Digital asset investment products saw a fourth week of outflows, while eight altcoin assets saw inflows, including cardano and tron.

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Digital asset investment products saw a fourth consecutive week of outflows totaling $54 million, led as usual by bitcoin, while eight altcoin assets saw inflows. 

That suggests “investors are becoming more adventurous,” CoinShares said in its weekly fund flow report. 

The most notable inflows were to cardano, tron and sandbox. Binance was the only altcoin to see outflows.

Bitcoin and ether prices were down about 3% for the week. Traditional market indices, including the Nasdaq and S&P 500, were also lower.

coinshares chart

Bitcoin saw outflows totaling $38 million, representing 80% of all outflows for the week. “When combined with short-bitcoin outflows they highlight that the recent investor activity has almost solely been focused on the asset,” the firm said. 

The outflows were focused primarily in Europe, while 84% of the outflows in the U.S. were from investors selling out of short positions.