Cryptocurrency investment products have seen nearly $5 billion in outflows over the past four weeks, but the inflows in the last few days of last week provided some signs of improved sentiment.
According to a research report released by CoinShares on Monday, cryptocurrency exchange-traded products (ETPs) experienced $1.94 billion in outflows last week, a slight decrease from the $2 billion outflow the previous week.
The total outflow over the four weeks has now reached $4.9 billion, marking the third-largest outflow on record. Only the tax-driven sell-off in March and the decline in February 2018 were more severe.
Nevertheless, CoinShares pointed out "initial signs of a turnaround," as $258 million in inflows were recorded in the last few trading days of last week after seven consecutive days of redemptions.
XRP investment products became a rare highlight. XRP exchange-traded products (ETPs) recorded inflows of $89.3 million last week, rising against the trend despite the token's 6.9% decline.
According to Cointelegraph data, Solana (SOL) ETPs saw outflows of $156 million, with SOL down 3.5%.
Bitcoin (BTC) had the largest outflow, totaling $1.27 billion, while Ethereum (ETH) funds followed closely with a weekly outflow of $589 million.
Meanwhile, the industry's most successful traders, tracked as "smart money" on the Nansen blockchain intelligence platform, are betting on the short-term appreciation of XRP tokens.
According to Nansen data, smart money traders increased their cumulative leveraged long positions by $10.4 million in the past 24 hours, bringing their net long positions to $74 million.
However, smart money is still betting on further declines in Bitcoin, with cumulative net short positions in Bitcoin reaching $325 million.
Related: Michael Saylor's Strategy company is facing losses, but its Bitcoin (BTC) strategy remains unscathed.
Original article: “CoinShares: Despite $1.9B Outflow from Crypto Funds, Investor Sentiment Shows 'Initial' Recovery”
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