Many of the key crypto market indicators have turned bearish during the past few weeks, with the last month bringing historically large declines by most on-chain activity metrics, according to on-chain activity and digital asset flow data. That said, it’s still the new entrants who are selling, while the hodlers continue accumulating.
James Butterfill, Investment Strategist at digital asset investment firm CoinShares, said that investors remain cautious on bitcoin (BTC), but that ethereum (ETH) and altcoins remain popular.
In it latest Digital Asset Find Flows Weekly report, Coinshares said that USD 94m has left digital asset investment products last week, but only one product provider witnessed significant outflows, while the rest saw inflows.
Additionally, the weekly BTC investment product trading volumes fell by 62%.
The report stated that bitcoin outflows totaled a record USD 141m last week, and were equivalent to 8% of the net inflows this year. Still, they remain minimal on relative terms compared with the outflows seen in early 2018.
On the contrary, ETH continues to be a popular choice among investors, as the asset saw inflows of net USD 33m.
Meanwhile, XRP investment products added USD 7m, while cardano (ADA) got additional USD 4.5m.
Additionally, Arcane Research said today that the contango for the 3-month bitcoin futures, or the difference between the futures price and the expected sport price, is now almost gone and the spot price and the 3-month futures contract are almost trading at the same price.
“This indicates a more bearish sentiment among futures traders,” they added.