According to CoinShares latest weekly report, crypto-related investments products have seen their first inflows in more than a month. They totaled $130 million in the last week. report.
These inflows represent a noticeable shift in investor confidence after several weeks of negative flows in the cryptocurrency market. The inflows did not increase the participation of investors in this asset class. “ETP volumes continue to subside.”
James Butterfill is the Head of CoinShares’ research. He pointed out the $8 billion trading volume last week, which was significantly less than the $17 Billion average in April. He continued:
“These volumes highlight ETP investors are participating less in the crypto ecosystem at present, representing 22% of total volumes on global trusted exchanges relative to 31% last month.”
Spot Bitcoin ETFs still driving flows
CoinShares reported that the spot price of Bitcoin was at $0. Bitcoin The US ETF market Hong Kong still drive inflows into crypto products.
Inflows into the US were boosted by the Newborn Nine Bitcoin-based ETFs, according to the report. This positive inflow totaled $135 million.
Noteworthy, the outflows are from Grayscale’s GBTC You have not been to the a downward trend Recent days totaled $171 Million during the week before
In contrast, Hong Kong’s newly-launched Bitcoin ETFs experienced a modest $19 million inflow, which suggests that seed capital was the main source of these inflows.
Meanwhile, crypto-related ETPs in Canada and Germany continued to see outflows totaling $20 million and $15 million, respectively — bringing year-to-date outflows from these countries to a combined $660 million.
Ethereum ETF speculation leads to outflows
CoinShares is a company that offers cryptocurrencies. uncertainty surrounding spot Ethereum ETF products Investors’ confidence has been dampened in the digital asset that is the second largest by market cap.
According to the company:
“Low interaction by the US regulators with ETF issuer applications for a spot Ethereum ETF have increased speculation that the ETF approval is not imminent, this has been reflected in outflows which totalled $14 million last week.”
Short-Bitcoin also recorded $5.1 in outflows. This brings its eight-week outflow to an impressive $18 million.
Other altcoins such as PolkadotXRP (and Solana) saw a total inflow of $8 million.
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Source: cryptoslate.com