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CoinShares Digital Asset Fund Flows Weekly: Ethereum tops the list this week with inflows of $33 million

According to CoinShares’ Digital Asset Fund Flows Weekly, the total weekly outflows of less than $100 million. In which, Ethereum tops the list this week with inflows of $33 million.

CoinShares Digital Asset Fund Flows: Ethereum tops the list this week with inflows of $33 million

According to CoinShares, Ethereum and other Altcoins are still a popular choice for crypto investors. Moreover, ETH is at the top of the investment list while Bitcoin only has a small amount of money flowing in.

coinshares-digital-asset-fund-flows-weekly-ethereum-tops-the-list-this-week-with-inflows-of-33-million

Source: CoinShares

At the moment, Ethereum inflows into investment products total $33.1 million. This number gave ETH the highest market share, reaching 27% of all CoinShares investment products.

CoinShares said:

“The price correction had a minor impact on investment flows the previous week, but this looks to have recovered, with all product providers seeing inflows.”

Overall, Altcoins remain popular with reported cash flow across all Altcoin investment products. The report states that proof-of-stake coins are still the most popular as far as inflows go. Cardano ($5.2M), Polkadot ($3.8M), and XRP ($4.5M) all enjoyed strong inflows this week.

While Bitcoin continues to see weekly flows, the numbers show that the light at the end of the tunnel is getting closer and closer. Bitcoin saw $4 million worth of inflows last week, but this is still a huge improvement over previous reports. In its May 17 post, CoinShares reported inflows of $115 million and $111 million the following week, respectively.

With this week’s relatively low numbers, bitcoin has broken a string of inflows above $100 million. This is a big reason why the total cash flow for all digital asset investment products has also remained below the $100 million marks.

This follows record inflows from two recent reports that totaled $151 million, or 0.34% of total assets under management, and bring total cash flow over the past three weeks to $264 million.

While investor sentiment continues to be relatively negative, the drop in numbers could signal that the worst is over as investors look to diversify their crypto assets. The outflows represent more than 8% of the net inflows seen in 2021 but remain low when compared to outflows seen in previous years.

The report stated:

“Despite the net outflows, we believe it implies an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative.”

The report concluded that:

“Digital asset investment product trading volumes highlight investors remain cautious in Bitcoin with weekly volumes having fallen 62%.”

Disclaimer: Opinions expressed at AZCoin News are not investment advice. Investors should do their due diligence before making any high-risk investments in cryptocurrencies. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. AZCoin News does not recommend the buying or selling of any cryptocurrencies.

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