Digital asset investment products experienced their third consecutive week of outflows amounting to $30 million, although last week showed a significant decrease. While outflows for Ethereum continued, investor sentiment surrounding Bitcoin appears to be slowly changing.
According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly report, most providers recorded minor inflows, but this was counterbalanced by Grayscale, which saw $153 million in outflows.
Trading volumes increased by 43% week-on-week to $6.2 billion but are still well below the yearly average of $14.2 billion, the asset manager said in its report.
Over the past week, multi-asset and Bitcoin ETPs led the inflows with $18 million and $10 million, respectively. Short-bitcoin products experienced outflows of $4.2 million last week, suggesting a possible shift in sentiment. Several altcoins saw inflows, with Solana receiving $1.6 million and Litecoin recording $1.4 million. Chainlink and XRP also witnessed inflows of $0.6 million and $0.3 million respectively.
Investment products based on Ethereum experienced the largest outflows since August 2022, totaling $61 million, bringing the two-week outflow total to $119 million, making it the worst-performing asset year-to-date in terms of net flows.
Despite positive sentiment towards crypto this year, blockchain equities have faced outflows of $545 million, representing 19% of assets under management.
In terms of region, the US dominated the charts with inflows of $143 million, followed by Brazil and Australia with $7.6 million and $3 million in weekly inflows respectively.
Contrastingly, Germany, Hong Kong, Canada, and Switzerland faced outflows of $29 million $23 million, $14 million, and $13 million respectively during the same period. Sweden also recorded outflows of $4.3 million.
This news is republished from another source.
