Digital asset investment products saw outflows for the fourth time in five weeks, with last week coming in at $63 million.
However, as short Bitcoin investment products nearly monopolized inflows last week, the latest CoinShares report considers this negative sentiment to have persisted for five weeks.
Yet while outflows continue, low trading volumes, at 46% of this year’s average, have resulted in only $99 million in outflows over the past five weeks.
And the report highlighted how last Friday saw a rise in prices, despite becoming the biggest release day of the week.
The Americas continued to be the focal point for releases, with Canada dominating for the second straight week with $60 million in releases, while the United States accounted for $10 million.
On the other hand, Germany and Switzerland both recorded inflows, of $5 million and $4.7 million respectively, which were tempered in Europe by outflows of $3.2 million from Sweden.
Bitcoin-based products also saw a negative flow streak, last week being the fifth consecutive week, which came in at $13 million, as short Bitcoin investment products continued the negative sentiment with inflows. of $11 million. Meanwhile, among altcoins, Cardano and Solana saw inflows of $400,000 and $300,000 respectively.
Ethereum-based crypto investment products were the focus of outflows last week, the third week in a row rising to $62 million, bringing year-to-date outflows to $362 million.
The report pointed out that while the merger has become more certain, given its expected implementation this week, investors likely pulled back out of concern over the many risks of the unprecedented upgrade.
In anticipation of the upcoming merger, Ethereum derivatives trading has grown by 10% over the past month. As well as being more sustainable, Ethereum co-creator Vitalik Buterin said the blockchain’s transition to a proof-of-stake system would also be more secure in the long run, although experts don’t know what. what it will do on the price of Ethereum in the immediate aftermath.
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.