Bitcoin has recorded an outflow of funds for the eighth consecutive week in its weekly report, recording over $3.8 million in outflows.
However, altcoins have seemingly gained traction over the past few weeks, surpassing $24 million in inflows during the week leading up to August 27, as per the reports by crypto asset manager CoinShares.
Currently, over 32% of the total digital assets under management are altcoins, almost reaching the record 35% set in mid-May.
Cardano (ADA) recently surpassed Binance coin and USDT to become the world’s third-largest cryptocurrency by market capitalization. It reported an overall inflow of $10.1 million after ADA prices doubled over the past month.
Ethereum also saw huge inflows, reaching $17 million in the previous week. It also maintained its market share of about 25%.