CoinShares, led by James Butterfill, has released its latest report on crypto fund flows. The report highlights major developments in Ethereum, as well as contrasting movements in Bitcoin and multi-asset products, providing insights into the trends and changes in crypto investment products over the past week.
30 Million Dollars Outflow
There has been a continuation of outflows from crypto-focused investment products for the third consecutive week. However, the rate of outflows has significantly slowed compared to previous weeks, with a total outflow of 30 million dollars. To stay updated on the latest financial and business news, visit COINTURK FINANCE.
Despite the overall outflows, most providers saw small inflows. However, these gains were overshadowed by significant outflows of 153 million dollars from Grayscale. It is worth noting that trading volumes increased by 43% from the previous week to reach 6.2 billion dollars. However, this figure remains below the annual average of 14.2 billion dollars.
America Attracts Inflows
Regional trends have shown significant variation. The United States recorded inflows of 43 million dollars, followed by Brazil and Australia with 7.6 million dollars and 3 million dollars, respectively. On the other hand, Germany, Hong Kong, Canada, and Switzerland experienced significant outflows of 29 million dollars, 23 million dollars, 14 million dollars, and 13 million dollars, respectively.
Notably, Ethereum has faced its largest outflows since August 2022 and is under significant pressure. Over the past two weeks, there have been total outflows of 119 million dollars, making Ethereum the worst-performing asset in terms of net flows year-to-date. This decline highlights the negative sentiment towards Ethereum among investors.
Positive Sentiment Towards Bitcoin
In contrast, multi-asset and Bitcoin exchange-traded products (ETPs) have shown resilience with inflows of 18 million dollars and 10 million dollars, respectively. These inflows indicate growing interest in diversified crypto investments and positive sentiment towards Bitcoin. Additionally, there have been outflows from short-focused Bitcoin products, totaling 4.2 million dollars last week.
Solana and Litecoin have led the inflows with 1.6 million dollars and 1.4 million dollars, respectively. Despite the generally positive sentiment towards cryptocurrencies this year, blockchain-focused stocks have faced challenges. These stocks have experienced outflows of 545 million dollars in 2023, representing 19% of their assets under management (AuM).
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Disclaimer: The information in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and risk and should conduct their own research.
