CoinShares: Ethereum Faces Continued Outflows While Bitcoin Sentiment Shows Signs of Reversal

CoinShares: Ethereum Faces Continued Outflows While Bitcoin Sentiment Shows Signs of Reversal

Digital asset investment products experienced a third consecutive week of outflows, amounting to US$30 million, according to CoinShares. However, the latest week showed signs of these outflows significantly slowing down. Ethereum (ETH) saw the largest outflows since August 2022, totaling US$61 million, making it the worst-performing asset year-to-date in terms of net flows.

Ethereum’s Continued Struggles

Ethereum’s outflows over the past two weeks have reached a staggering US$119 million. This marks Ethereum as the poorest performing digital asset in the market this year. Despite the broader market’s efforts to stabilize, Ethereum continues to face significant challenges.

Bitcoin and Multi-Asset Products See Inflows

Contrary to Ethereum’s struggles, multi-asset and Bitcoin (BTC) exchange-traded products (ETPs) recorded inflows. Multi-asset ETPs led with US$18 million, followed by Bitcoin ETPs with US$10 million. Additionally, short-Bitcoin products saw outflows of US$4.2 million last week, indicating a potential shift in sentiment towards Bitcoin.

Regional Investment Trends

Regionally, the United States led with US$43 million in inflows. Brazil and Australia also saw positive inflows of US$7.6 million and US$3 million, respectively. In contrast, negative sentiment was prevalent in Germany, Hong Kong, Canada, and Switzerland, with outflows amounting to US$29 million, US$23 million, US$14 million, and US$13 million, respectively.

Altcoins and Blockchain Equities

Among altcoins, Solana (SOL) and Litecoin (LTC) were notable for their inflows, totaling US$1.6 million and US$1.4 million, respectively. Despite the positive sentiment in the broader crypto market, blockchain equities have suffered outflows of US$545 million this year, representing 19% of assets under management (AuM).

Image source: Shutterstock

Source link

Related Articles

Do you run a company that want to build a new website and are looking for a web agency in Sweden that can do the job? At Partna you can get connected to experienced web agencies that are interested in helping you with your website development. Partna is an online service where you simply post your web development needs in order to get business offers from skilled web agencies in Sweden. Instead of reaching out to hundreds of agencies by yourself, let up to 5 web agencies come to you via Partna.
Back to top button