Digital asset investment products recorded $5 million in cumulative weekly outflows in what CoinShares describes as an “apathetic 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 in cumulative outflows last week in the continuation of what it called an “apathetic period” which began. September 2022.
Most notably, investment product volumes dropped to $758 million during the week, the lowest since October 2020 and well below the weekly average of $7 billion around this time last year when crypto markets were in an uptrend.
The report shows that Bitcoin
BTC
tick down
$20,730
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
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$1,580
Investment products saw outflows for the third consecutive week totaling $2.5 million, bringing total outflows after the merger to $11.5 million, just 0.2% of assets under management. XRP
XRP
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can be bought for 0.47 US dollars
saw inflows of $8 million. Although this figure seems low, it is close to the largest since the US Securities and Exchange Commission began its lawsuit against Ripple.
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So far this year, Bitcoin funds have seen a net worth of $296.2 million worth of inflows, while Ether funds have seen a net worth of $371.2 million in outflows. The numbers suggest that investment managers are opting for the relative stability and longer track record of Bitcoin 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 all saw small inflows.
