Crypto
investment
products
tracking
Ethereum
and
others
registered
another
week
of
outflows
last
week,
albeit
at
a
lesser
amount,
to
extend
the
run
of
outflows
to
three
consecutive
weeks.
Digital
investment
products
witnessed
$30
million
worth
of
outflows
last
week.

However,
this
outflow
deviated
from
the
trend

we
normally
observe,
with
Bitcoin
taking
a
step
back
and
most
of
the
movement
coming
from
Ethereum-based
investment
products.
Particularly,
the
latest
CoinShares
report
shows
that
institutional
investors
pulled
a
whopping
$60.7
million
from
Ethereum-based
investment
products
in
just
one
week,
the
largest
so
far
this
year. 

 

Ethereum
Leads
The
Outflows

CoinShares’
latest
Digital
Asset
Fund
Flows

Weekly
report

suggests
that
institutional
investor
sentiment
regarding
Bitcoin
is

changing
into
a
bullish

one.
Notably,
Bitcoin-based
products
registered
$10
million
worth
of
inflows
last
week.
While
this
is
small
compared
to
the
normal
level
of
inflows
usually
witnessed
by
the
crypto
asset,
the
fact
that
its
inflow
suggests
a
lingering
bullish
sentiment
regarding
Bitcoin
despite
a
poor
price
performance
last
week.

On
the
other
hand,
the
same
can’t
be
said
for

Ethereum.
Institutional
investor
sentiment
regarding
the
king
of
altcoins
seems
to
be
waning
as
the
launch
of
Spot
Ethereum
ETFs
continues
to
drag
on.
Ethereum-based
saw
outflows
of
$61
million
last
week,
the
largest
since
August
2022.

Consequently,
this
means
the
asset
has
lost
$119
million
worth
of
institutional
investment
in
the
past
two
weeks,
making
it
the
worst-performing
asset
year-to-date
in
terms
of
net
flows.
This
is
backed
up
by
data
from
CoinShares,
which
shows
Ethereum’s
year-to-date
outflows
now
at
$25
million.
Furthermore,
the
data
indicates
Ethereum
is
the
only
digital
asset
with
a
net
outflow
since
the
beginning
of
the
year.

Every
other
digital
asset
product
registered
inflows
last
week.
Multi-asset
products
led
the
charge
with
$17.9
million
worth
of
inflows.
Bitcoin
came
in
second
with
$10
million
worth
of
inflows.
Solana,
Litecoin,
XRP,
and
Chainlink
also
witnessed
minor
inflows
of
$1.6
million,
$1.4
million,
$0.3
million,
and
$0.6
million
outflows,
respectively.
This
influx
of
money
suggests
institutional
investors
are
still
willing
to
put
money
into
altcoins
despite
the
poor
price
performance
of
most
of
them
last
week. 

 

Reflecting
the
bullish
sentiment,
short-bitcoin
products
witnessed
$4.2
million
worth
of
outflows.
Trading
volumes
also
rose
by
43%
week-on-week
to
$6.2
billion
but
remained
well
below
the
$14.2
billion
weekly
average
for
the
year. 

According
to
CoinShares,
most
providers
saw
minor
inflows,
although
most
of
this
was
canceled
out
by
$153
million
in
outflows
from
Grayscale.
In
terms
of
region,
the
US-dominated
again
with
$43
million.
Brazil
and
Australia
followed
with
$7.6
million
and
$2.9
million
inflows
respectively.
On
the
other
hand,
Germany,
Hong
Kong,
Canada,
Switzerland,
and
Sweden
all
witnessed
outflows
of
$28.5
million,
$23.2
million,
$14.4
million,
$13.3
million,
and
$4.3
million,
respectively.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

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