Digital Asset Investment Products Experience Outflows of $30M: CoinShares
According to the latest CoinShare weekly report, digital asset investment products experienced a total outflow of $30 million last week. This marks the end of a six-week run of inflows for the industry. The outflows began after Bitcoin reached the $30,000 psychological level on April 14th, indicating that the recent sell-off was driven by profit-taking, especially in the absence of any significant macro-economic triggers.
Interestingly, the profit-taking was mainly observed in North America, where outflows amounted to $54 million. However, the sentiment in Germany remained optimistic, with inflows totalling $29 million.
Bitcoin was the primary focus of the profit-taking, having seen a run of inflows totalling $310 million in the previous four weeks. However, last week, the cryptocurrency saw outflows amounting to $53 million. Very minor inflows of $1.5 million were observed in short-Bitcoin.
Despite the overall outflows, Ethereum saw inflows totalling $17 million, bringing some good news for the industry. These inflows suggest that investors are gaining confidence following the successful implementation of the Shapella upgrade. Interestingly, the inflows were solely from Europe.
Polygon, on the other hand, had another week of inflows totalling $1 million, making its total assets under management the fourth-largest in the industry. Meanwhile, Solana saw inflows amounting to $0.74 million last week.
Overall, the digital asset investment industry experienced a mixed week, with Bitcoin experiencing profit-taking while Ethereum saw investor inflows. It remains to be seen how these trends will evolve in the coming weeks, but experts suggest that the market is likely to remain volatile.
- CoinShares: Bitcoin’s Development Not Dictated By Six Developers
- Digital Asset Investment Products See Positive Sentiment With $57m Inflows: Coinshares