Investor sentiment remained sour as digital asset investment products witnessed yet another week of extensive outflows. However, Bitcoin was still the most loved investment product according to the latest edition of CoinShares’ report.
In the past week, digital asset investment products experienced outflows totaling $54 million, marking the fifth consecutive week of such withdrawals. In eight out of nine weeks, there have been outflows amounting to $455 million, causing year-to-date net inflows to dwindle to just $51 million.
- CoinShares’ Digital Asset Fund Flows Weekly Report revealed that Bitcoin accounted for 85% of the outflows, with withdrawals totaling $45 million during the past week.
- The short-lived surge in short-Bitcoin inflows from the previous week was reversed, resulting in outflows of $3.8 million in the most recent one. Nevertheless, Bitcoin remains the favored investment product, boasting month-to-date inflows of $12 million.
- Despite being perceived as appealing investment fundamentals and strong demand for its staking yield, Ethereum experienced outflows totaling $4.8 million last week.
- Meanwhile, other altcoins like BNB and MATIC also saw modest outflows of $0.3 million each.
- On the flip side, certain altcoins are defying this trend, with Solana, Cardano, and XRP all attracting inflows of $0.7 million, $0.43 million, and $0.13 million, respectively.
- CoinShares also noted that the primary source of this negative sentiment, from a regional perspective, has been the United States, which accounted for 77% of the outflows.
- Additionally, Germany, Canada, and Sweden have also continued to suffer from similar outflow trends.
- Despite these challenges, trading volumes showed a slight increase, reaching $1 billion for the week, representing a 42% rise compared to the previous week.