Digital asset investment products experienced inflows last week for the first time this year, according to the latest CoinShares data.
While only amounting to $14.4 million in inflows, this past week saw the break in a five-week streak of outflows that totaled $532 million. Because inflows came during a period of significant price weakness later in the week, the report believes investors saw it as a buying opportunity. However, total assets under management (AuM) have now shrunk down to $51 billion, its lowest since early August 2021, having fallen 41% from its $86 billion peak in November 2021.
Bitcoin-based investment products finally saw some inflows last week, totaling at $14 million. This came after five weeks of outflow amounting to $317 million, or what had been roughly 1% of AuM.
Unfortunately for Ethereum backers, digital asset investment products based around the second largest cryptocurrency continued to see outflows, this past week amounting to $16 million.
Due to both the longevity and gravity of the seven-week run of outflows which amounted to $245, or 2% of AuM, the report suggested that investor bearishness has been centered on Ethereum rather than Bitcoin.
Meanwhile, among altcoins Cardano, Polkadot and Solana saw inflows of $1.5 million, $1.5 million and $1.4 million, respectively. As for multi-asset (coin) investment products, investors continued to add to positions with $8 million last week.
The week prior to last had been the fifth consecutive week of crypto outflows, amounting to $73 million. Although, the first days of crypto inflows had also been reported that week. According to the report, these positive price moves suggest an easing of the recent bearish sentiment.
When it started in mid-December, the currently-finished streak of outflows had ended a run of 17 consecutive weeks of inflows starting in August 2021, which eventually amounted to $3.6 billion.
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