As a seasoned crypto investor with a decade-long journey under my belt, I find myself intrigued by this week’s Digital Asset Fund Flows Weekly Report. The economic data-driven rate cut expectations reduction seems to have steered the market slightly away from digital assets.
As an analyst, I’ve observed a modest withdrawal of $147 million from digital asset investment products during the last week. This trend could be attributed to robust economic data exceeding expectations, thereby diminishing anticipation for significant interest rate reductions.
ETP investment product trading volumes rose slightly by 15% to $10 billion, while overall crypto market volumes remained lower.
According to the most recent Digital Asset Fund Flows Weekly Report, there has been a notable increase in attention from investors towards Bitcoin.
Over the last seven days, Bitcoin experienced withdrawals amounting to approximately $159 million, while short-Bitcoin investment products attracted around $2.8 million. Despite halting its five-week slump last week, Ethereum faced another dip with $29 million in outflows as enthusiasm for this asset remained low.
In a favorable turn of events, multi-asset investment offerings (essentially multiple coin investments) have generated approximately $29 million over the past week, representing the 16th consecutive week with inflows. This continuous trend has amassed a total of $471 million so far this year, accounting for about 10% of the total assets being managed. Since June, there has been a growing interest among investors in these multi-asset products as they seek out more diversified investment portfolios.
In addition, Solana saw an inflow of approximately $5.3 million last week. After that, the Litecoin case reported inflows totaling around $0.9 million. Meanwhile, both XRP and Cardano had weekly inflows amounting to about $0.3 million each.
Over the past week, Canada and Switzerland experienced strong investment trends, attracting approximately $43 million and $35 million, respectively. Smaller investments were also observed in Australia and Brazil, amounting to around $2 million and $0.8 million.
Conversely, during that particular week, there were significant withdrawals totaling $209 million from the US, $8.3 million from Germany, and $7.3 million from Hong Kong. Meanwhile, Sweden experienced a withdrawal of approximately $2.1 million.
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2024-10-08 00:12