<p class="MsoNormal text-align-justify">Volumes in digital asset investment products remained very low and generated US$901 million last week, which is the lowest since October 2020.</p><p class="MsoNormal">This is according to the new digital asset fund flows reports from CoinShares, as shared with Finance Magnates.</p><p class="MsoNormal">According to CoinShares, digital asset investment products saw minor outflows last week totalling US$27 million. Two weeks ago, recorded weekly crypto outflows <a href="https://www.financemagnates.com/cryptocurrency/news/weekly-crypto-outflows-reach-9-million/">stood at $9 million</a>.</p><p class="MsoNormal">The digital asset management firm explained that this gives a total outflow of US$46 million in the last three weeks.</p><p class="MsoNormal">“While history indicates this is in part due to seasonal effects, we believe it also highlights continued apathy following recent price declines,” CoinShares said.</p><p class="MsoNormal text-align-justify">Outflow by Asset</p><p class="MsoNormal">Meanwhile, CoinShares explained that in terms of crypto investment products in the last three weeks, Bitcoin “was almost solely the focus of the outflows.”</p><p class="MsoNormal">During the period, outflows from investment products in the foremost digital asset totalled US$29 million.</p><p class="MsoNormal">Furthermore, the firm observed, investors have continued to add to short-Bitcoin investment products. This form of investment generated US$1 million last week, CoinShares said.</p><p class="MsoNormal">“Both imply minimal but continued caution from investors which we believe is due to the ongoing hawkish rhetoric from the US Federal Reserve,” the firm pointed out.</p><p class="MsoNormal">Away from Bitcoin, CoinShares said Ether recorded minor outflows last week. Outflows in the second-biggest cryptocurrency totalled US$1 million.</p><p class="MsoNormal">The investment firm explained that this implies that despite increased confidence in the upgrade to the Ethereum network or <a href="https://www.financemagnates.com/thought-leadership/how-the-merge-will-impact-defi-and-dapps-on-ethereum/">The Merge</a> expected in September, most investors are opting to wait for the transition to proof-of-stake to happen first.</p><p class="MsoNormal">“Very minor inflows were seen in Solana, Cardano, XRP, Tezos, Chainlink and Uniswap,” CoinShares added.</p><p class="MsoNormal text-align-justify">Regional Outflow</p><p class="MsoNormal">According to CoinShares, minor outflows were recorded in digital asset investment products from various regions of <a href="https://www.financemagnates.com/cryptocurrency/news/global-crypto-aum-drops-to-30-billion/" target="_blank">the world</a>.</p><p class="MsoNormal">However, the firm pointed out that by way of comparison, outflows primarily emerged from the United States (US$20 million), Sweden (US$4.2 million) and Germany (US$2.3 million). </p><p class="MsoNormal text-align-justify">CoinShares noted that Brazil sat on the extreme or “was the only outlier,” and recorded minor inflows that totalled US$1.2 million.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments