Digital asset investment products witnessed another week of low activity last week. In fact, last week, crypto funds saw a net inflow of $7 million. The data reveals the ongoing lack of engagement among investors at this time. However, the largest crypto fund outflows have occurred on the Ethereum basis. The institutional money that came out of Ethereum made the transition to 3 altcoin projects.
Institutional money leaves the Ethereum network
Post Ethereum Merge, the institutional coin continues to exit the popular altcoin. This exit demonstrates continued cautiousness among investors. According to the latest data, Ether saw an exit of around $15.4 million last week. Thus, the total output in the last four weeks was $ 80 million. In fact, Ethereum is seeing an exit in institutional money from the beginning of 2022. The leading blockchain project has seen a total outflow of $375 million since the start of the year.
The aforementioned institutional money refers to funds invested by institutions that do not want to invest directly in cryptocurrencies. As we reported as Kriptokoin.com, the Merge upgrade was expected to stop the Ethereum fund outflows that have been going on since the beginning of 2022. However, that was not the case. Ether continued to see institutional debut in the post-Merge weeks. However, money from ETH flowed into 3 altcoins.
Money coming out of the Ethereum network rained on these 3 altcoins
On an altcoin basis, Ethereum saw exits, while Solana, Cardano and Ripple saw entries. According to the latest data, Solana has become the leader among altcoins, seeing $1.4 million in funding. It was followed by Ripple with $300,000 entry and Cardano with $100,000 entry. According to the latest data after exits and entries, the cryptocurrency market saw a total of $7.3 million inflows last week.
Bitcoin and multi-asset funds face high demand
Institutional money made its way into the top cryptocurrency Bitcoin last week. Funds entering BTC totaled $17.4 million last week. However, Short Bitcoin investment products have also been in demand. Accordingly, Short Bitcoin received an investment of $ 2.6 million, reaching a monthly inflow of $ 18.1 million.
Multi-asset investment products remain strong during the downturn. In fact, these funds have only seen a few weeks out in 2022, while many cryptocurrencies have seen sustained exits. Annual entries for these products currently total $224 million. This is almost on par with Bitcoin’s total inflows, suggesting that investors are looking for security.
The biggest entries came from Germany and the USA
Meanwhile, on a country basis, the largest entries came from the USA and Germany. Cryptocurrency funds received a total of $13.7 million inflows from the US last week, while they received $11.4 million in investment from Germany. Switzerland followed the USA and Germany with 1.2 million entries. However, the biggest exits came from Sweden and Canada. While there was an outflow of 15.8 million dollars from Sweden, Canadian companies sold 4.2 million dollars of funds.
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