As an experienced analyst, I find the latest CoinShares Digital Asset Fund Flows Weekly report indicating a third consecutive week of digital asset investment product outflows, albeit with a smaller decrease last week, to be a cause for concern. The persistent outflows suggest that investors are becoming increasingly cautious towards this asset class.
As a crypto investor, I’ve noticed that digital asset investment products have seen three consecutive weeks of outflows totaling $30 million. Last week, the outflows significantly decreased. For Ethereum, investors continue to withdraw their funds. However, the sentiment towards Bitcoin is starting to shift gradually.
The weekly report from CoinShares reveals that most digital asset fund providers experienced small inflows. However, this trend was offset by Grayscale, which recorded significant outflows totaling $153 million.
The asset manager reported a 43% surge in trading volumes from the previous week to reach $6.2 billion. However, this figure is significantly lower than the annual average of $14.2 billion.
Solana gathered roughly $1.6 million, Litecoin recorded about $1.4 million, while Chainlink and XRP saw investments totaling $0.6 million and $0.3 million, respectively.
Since August 2022, Ethereum investment products have seen the largest withdrawals amounting to $61 million, adding up to a total of $119 million in two weeks. This makes Ethereum the poorest performing asset this year when it comes to net inflows.
Although there has been a favorable attitude towards cryptocurrencies in 2021, blockchain-related stocks have experienced an outflow of approximately $545 million, which corresponds to nearly one fifth (19%) of their total assets under management.
As a crypto investor, I’ve observed that the US market led the way last week with an impressive $143 million in inflows. Trailing behind were Brazil and Australia, which saw weekly inflows of $7.6 million and $3 million respectively.
As an analyst, I’ve observed some contrasting trends in international capital flows during a specific period. While Germany experienced significant outflows amounting to $29 million, Hong Kong saw slightly less with $23 million leaving its economy. Canada and Switzerland followed suit with smaller outflows of $14 million and $13 million respectively. Sweden also joined the list with relatively minor outflows of $4.3 million.
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2024-07-02 06:44