Digital asset investment products posted $5 million in cumulative weekly outflows in what CoinShares describes as a “smart period.”
On October 24, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report”, which revealed that digital asset investment products saw $5 million worth of cumulative outflows last week in a continuation of what it called a ” apathetic period” that began. September 2022.
Notably, investment product volumes fell to $758 million for the week, the lowest since October 2020 and well below the weekly average of $7 billion at this time last year when crypto markets soared. .
The report shows that Bitcoin
BTC
to mark
$16,629
Investment products saw small inflows of $4.6 million, marking the sixth consecutive weekly gain, while short bitcoin investment products saw outflows of $7.1 million.
Ether
ETH
to mark
$1,191
Investment products posted outflows for the third consecutive week totaling $2.5 million, bringing total post-merger outflows to $11.5 million, just 0.2% of assets under management. XRP
XRP
to mark
for 0.36 US dollars
saw inflows of $8 million. Although this figure seems low, it is reportedly close to the largest since the US Securities and Exchange Commission lawsuit against Ripple began.
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So far this year, Bitcoin funds have seen a net worth of $296.2 million in inflows, while Ether funds have seen a net worth of $371.2 million in outflows. The numbers suggest that investment managers opt for Bitcoin’s relative stability and longer track record during the bear market.
CoinShares data reveals that Sweden, Canada and the US saw the most action, with outflows of $4.5 million, $1.9 million and $1.2 million respectively; while Germany, Brazil and Switzerland saw smaller entries.
