Digital assets manager CoinShares says institutions started investing in crypto products again last week after a short break.
In his latest Digital Asset Fund Flows reportCoinShares says digital asset investment products brought in $862 million in inflows last week, nearly erasing the previous week’s $931 million outflow.
“While this recovery is encouraging, ETF (exchange-traded fund) activity is slowing and daily trading turnover now stands at $5.4 billion, down 36% from the peak three weeks ago, although this remains well above $347 million. Average for 2023, implying that the initial market hype is cooling down.”
Regionally, the US provided the largest share of inflows of $897 million, which was offset by outflows from Europe and Canada of $49 million.
Bitcoin (BTC) as usual harvested the lion’s share of the inflows.
“Bitcoin saw inflows totaling $865 million last week, with renewed interest from new ETF issuers in the US, with inflows of $1.8 billion offset by Grayscale’s outflows of $967 million. Short Bitcoin experienced an outflow totaling $2 million in the second week.”
Leading smart contract Ethereum (ETH) suffered an outflow of $19 million, the fourth straight week of losses for ETH products.
“Ethereum saw outflows of $19 million in the fourth week, which is a common feature after network upgrades, reflecting investors’ fears about their success.”
ETH rival Solana (SOL) brought in $6.1 million in inflows, while Filecoin (FIL), Polkadot (DOT), and Chainlink (LINK) brought in $3.9 million, $2.4 million, and $1.9 million, respectively.
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Featured image: Shutterstock/Aleksandr Kukharskiy/Chuenmanuse