CoinShares noted that digital asset investment products saw a total outflow of $107 million last week as profit-taking picks up pace.
Bitcoin is back in the spotlight as it experienced its biggest weekly outflow in months. Bitcoin-based investment products registered a $111 million outflow, the biggest weekly outflow since March.
Ethereum also saw a $6 million outflow of funds, bringing the total outflow of both Bitcoin and Ethereum to $117 million last week.
It is likely that the outflow from Bitcoin is due to the fact that investors seem to have run out of favorable news to bet on. In contrast, XRP and Litecoin saw inflows as sentiment seems to be getting more bullish on these altcoins as investors try to offset the outflow from Bitcoin and Ethereum.
Inflows in XRP and Litecoin are almost $1 million, which is $0.5 million and $0.46 million, respectively. The landmark court decision on July 13, which determined that XRP traded on exchanges is not a security, has significantly increased investor confidence in altcoins, as evidenced by a steady influx in recent weeks.
Litecoin Sees Demand During Halving Week
Last week, on August 2, the Litecoin blockchain experienced its third halving at block 2,520,000, with the mining reward now halved to 6.25 LTC per block.
Despite the lull in price action, Litecoin maintained positive network fundamentals. According to a recent Twitter post, Litecoin hashrate is on the verge of reaching a new historical high. With the current difficulty of 933.2 TH/s, Litecoin is approaching a new record.
Miner community sentiment reflects two metrics: hashrate and difficulty. The increase in hashrate may indicate that more miners are entering the LTC community.