Bitcoin (BTC) investment products had significant withdrawals in the previous week, according to cryptocurrency asset management CoinShares, as investors favoured funds focused on other cryptocurrencies, or altcoins, including XRP, Litecoin, and Solana.
As profit-taking accelerated, CoinShares said that investment products for digital assets had outflows of $107 million in the previous week.
With its highest weekly outflows in months, bitcoin was once more the centre of attention. The greatest weekly outflows for bitcoin since March were $111 million.
Ethereum also had $6 million in withdrawals, bringing the combined outflows of Bitcoin and Ethereum over the previous week to $117 million.
Investors appear to have ran out of good news to wager on after prior significant price triggers, which is why there has been a Bitcoin exodus.
As the attitude towards altcoins looks to be improving, XRP and Litecoin received inflows in an effort to counteract withdrawals from Bitcoin and Ethereum.
Nearly $1 million has been invested in XRP and Litecoin, or $0.5 million and $0.46 million, respectively. As seen by consistent inflows in recent weeks, the historic July 13 decision, which concluded that XRP sold on exchanges is not a security, significantly increased investor confidence in cryptocurrencies.
Litecoin saw demand in “halving” week
The third halving event for the Litecoin network took place exactly one week ago on August 2 at block 2,520,000, bringing the mining incentives down to 6.25 LTC per block.
Litecoin has maintained strong network characteristics despite the pause in price movement. A recent tweet claimed that Litecoin’s hashrate was about to reach a new record high. Litecoin is getting close to setting a new record with its current difficulty of 933.2 TH/s.
Two metrics—hashrate and difficulty—reflect the attitude of the mining community. An increase in hashrate can be a sign that additional miners are joining the LTC network.
