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On a closer look, the majority of Bitcoin outflows came from the Grayscale ETF, which experienced $440 million in outflows, which is surprisingly at its lowest in nine weeks. While Grayscale's outflows continue to slow, inflows from new ETFs have decreased, with only $126 million inflows last week, down from $254 million the previous week.Amid a cool-off in Bitcoin inflows, a broad range of altcoins have witnessed inflows, with investors favoring multi-coin investment products.
This redistribution of funds could have far-reaching implications for the crypto market. It could signal that investors are looking beyond Bitcoin to build a more diversified crypto portfolio. If the trend continues, it might lead to altcoins eating away at Bitcoin's dominance. The current market sentiment remains a mix of caution and anticipation as traders and investors prepare for a major Federal Reserve meeting later this week. Anticipation is growing regarding the meeting's likely indication of higher-for-longer interest rates, causing market participants to brace themselves for potential consequences for digital assets.At the time of writing, Solana was down 4.80% in the last 24 hours to $135.22; XRP was likewise down 2.20% in the same time frame to $0.5081.