Investor sentiment remained negative as digital asset investment products continued to experience significant outflows. However, despite the overall trend, Bitcoin remained the most favored investment product, according to a recent report by CoinShares.
Over the past week, digital asset investment products saw outflows totaling $54 million. This marked the fifth consecutive week of withdrawals and brought the total outflows for the year to $455 million. Year-to-date net inflows have dwindled to just $51 million.
CoinShares’ Digital Asset Fund Flows Weekly Report revealed that Bitcoin accounted for 85% of the outflows, with investors withdrawing $45 million during the past week. This demonstrates that Bitcoin remains the preferred investment product, as it also recorded month-to-date inflows of $12 million.
On the other hand, Ethereum, despite its appealing investment fundamentals and strong demand for staking yield, experienced outflows totaling $4.8 million last week. Other altcoins like BNB and MATIC also saw modest outflows of $0.3 million each.
Interestingly, certain altcoins defied this trend and attracted inflows. Solana, Cardano, and XRP received inflows of $0.7 million, $0.43 million, and $0.13 million, respectively.
The report also highlighted that the United States accounted for 77% of the outflows, reflecting the negative sentiment primarily observed in this region. Germany, Canada, and Sweden have also been facing similar outflow trends.
Despite these challenges, trading volumes showed a slight increase, reaching $1 billion for the week. This represents a 42% rise compared to the previous week.
It is important to note that these findings are based on CoinShares’ report on digital asset fund flows. The report provides valuable insights into investment trends in the crypto market and highlights the dominance of Bitcoin despite the overall outflow trend.
Source: [CoinShares’ Digital Asset Fund Flows Weekly Report](https://blog.coinshares.com/volume-149-digital-asset-fund-flows-weekly-report-52c42c5fa2d4)
Quotes:
– According to CoinShares’ report, “Bitcoin accounted for 85% of the outflows, with withdrawals totaling $45 million during the past week.”
– Despite its appealing investment fundamentals and strong demand for staking yield, “Ethereum experienced outflows totaling $4.8 million last week.”
Overall, the market sentiment towards digital asset investment products remains negative, with continuous outflows observed. However, Bitcoin maintains its position as the favored investment product, despite the outflows. These insights shed light on the current state of the crypto market and provide valuable information for investors and industry observers.
Formatting Note: The original article contained irrelevant promotional content and links, which have been omitted for the sake of credibility and journalistic style.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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