CoinShares has shared this week’s Digital Asset Fund Flows Report, which reveals year-to-date fund flows. Digital asset investment products saw a total of $3 million in inflows last week. The leading crypto Bitcoin (BTC) has exited a total of $ 8.5 million. However, the leading altcoin Ethereum (ETH) saw a total inflow of $ 16 million. Along with Ethereum, five more altcoins managed to attract funds, although not as much as ETH.
Crypto asset investment products saw entry this week as well
Digital asset investment products received a total of $3 million inflows last week. This marked the 6th consecutive week of entries totaling $529 million. It also represented 1.7% of total assets under management (AuM). Despite the drop in prices in the second quarter of 2022, 32 new investment products entered the market, mainly in altcoin projects. This is second only to a peak of 33 product launches in Q4 2021.
On a regional basis, the USA and Germany attracted significant funding.
There were small inflows in all regions except for Canada, which saw a total outflow of $30 million. Significant inflows of $17 million and $8 million were seen in the US and Germany, respectively.
Leading altcoin saw an entry while funds exited Bitcoin
Bitcoin has witnessed very minor outflows totaling $8.5 million. However, short Bitcoin investment products saw a record outflow totaling $7.5 million. This, too, and for the second week in a row, suggests that investors believe Bitcoin prices have dropped.
Leading altcoin Ethereum has withdrawn a total of $16 million in funds. Thus, it enjoys a total of $159 million in entries for 7 consecutive weeks. Experts say this turn in investor sentiment is due to the clearer timing of The Merge, when Ethereum will move from Proof of Work (PoW) to Proof-of-Stake (PoS).
Vitalik Buterin, co-founder of Ethereum Blockchain, outlined his prospects for Ethereum in the years after Merge was completed. As you follow on Kriptokoin.com, Buterin confirmed that after Merge, Ethereum will only be roughly 55% complete. Also, another breakthrough for Ethereum with this upgrade is the ability to process transactions faster and cheaper.
Other altcoin projects that managed to attract funds
The altcoin projects that managed to attract funds along with Ethereum were Solana (SOL), Cardano (ADA), Binance and Ripple (XRP). In addition, mult-asset (multi-asset) investment products also saw an introduction. Despite the improvement, trade volumes remain quite low at $1.1 billion for this week, compared to an average of $2.4 billion per week from the beginning of the year. Experts consider the low turnout to be seasonal, as a similar trend has been seen in previous years.
10786
