Last week saw inflows into crypto investment products totaling $3 million, translating to the 6th successive week of inflows, toppling $529 million (CoinShares report).
Meanwhile, the previous week’s inflows suggested a 96% drop from $81 million inflows recorded the prior week. Meanwhile, last week’s $3M crypto inflows saw overall inflows since the month started hitting $3.1 million.
CoinShares discovered that last week’s inflows represent 1.7% of overall AuM (asset under management). It added that the altcoin market attracted 32 new investments despite the previous quarter’s market-wide downturn.
Bitcoin & BTC-Short Last Week
The report confirmed that BTC logged outflows worth $8.5 million last week. These outflows saw Bitcoin’s YTD inflows exploring $311.9 million, a drop from the $326.1 million YTD in the prior week.
Still, the king (BTC)’s inflow (YTD) accounts for 63% of the year-to-date $492 million outflows of all digital coins CoinShares analyzed in its report.
Moreover, CoinShares discovered short-BTC investment products noted $7.5 million in outflows. That means a 2nd successful week of short-Bitcoin outpours.
The metric stood at $2.6 million in the prior week. CoinShares commented that the discharges indicated that ‘investors trust BTC prices have troughed.’
What of Ethereum?
Ethereum saw its inflows at $16 million last week, bringing its seven consecutive weeks of inflows at $159 million.
CoinShares stated that the investor sentiment turn-around comes from the upcoming Merge that would see Ethereum shifting to Proof-of-Stake from Proof-of-work. Meanwhile, the report highlighted that the top altcoin’s YTD outflows at $300 million.
Regionally, most inflows came from Europe and North America, with those from Germany and the United States totaling $7.8 million and $16.8 million, respectively. All other locations in the report recorded inflows, baring Canada, which had its outflows at $29.9 million.
What triggered the less weekly inflow? CoinShares stated that trading volumes stayed low at $1.1 billion for the week compared to the $2.4 billion YDT weekly average. It added that the low participation could be seasonal as similar trends have appeared in previous years.
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