Last week, investors showed caution and pulled out a relatively small amount of $126 million from digital asset investment funds.
The unwillingness might stem from the halt in rising price patterns. Despite a modest uptick in trading volume from $17 billion to $21 billion week-over-week, ETP/ETF engagement saw a decline in comparison to the broader market.
Investor Hesitancy Prevail
Over the past month, these specific investment tools made up around 40% of the trading activity on trustworthy exchanges. However, based on recent data from CoinShares’ most recent report, they now account for approximately 31% of the total volumes traded last week. This decrease suggests that investors are currently exhibiting caution.
In the past week, digital asset investment inflows have hit a new high of $13.8 billion this year, significantly surpassing the previous record of $10.6 billion set in 2021.
During this time frame, the US experienced the largest withdrawals of approximately $145 million. Following behind were Canada and Switzerland with withdrawals of around $6 million and $5.7 million respectively. Additionally, Sweden reported withdrawals amounting to about $0.52 million. Conversely, German investors took advantage of recent price drops and invested a total of $29 million last week.
Meanwhile, Brazil and Australia settled with $3 million and $1.6 million in weekly inflows.
Another Good Week for Altcoins
Bitcoin saw a net withdrawal of approximately $108.3 million in March, but also recorded inflows totaling around $556.3 million. Conversely, short-bitcoin positions, which had been experiencing weekly outflows for three consecutive weeks, reported slight inflows worth about $1.7 million during the same period, possibly taking advantage of recent price drops.
Despite Ethereum experiencing the most challenges recently, with a total of $29 million in withdrawals over the past week, representing its fifth straight week of outflows. Similarly, investment vehicles tied to Solana recorded weekly outflows amounting to $3.6 million.
The rest of the altcoins had another successful week. CoinShares list featured “esoteric names” such as Decentraland, Basic Attention Token, and LIDO, which attracted inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.
Over the past week, Litecoin, Polkadot, and XRP, which are frequently traded coins, each saw inflows totaling $1.6 million for Litecoin, $0.8 million for Polkadot, and $0.3 million for XRP.
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2024-04-16 07:26