A leading digital assets manager says crypto investment products suffered nearly $50,000,000 in outflows last week despite inflows to altcoins.
In the latest Digital Asset Fund Flows Weekly report, CoinShares says most of last week’s outflows originated in North America.
“Digital asset investment products saw outflows for the second consecutive week, totaling US$47m last week. The same trend continued with outflows predominantly coming from North American providers, with outflows comprising 98% while flows in Europe were broadly flat. We believe the recent negative sentiment in North America is due to continued jitters overregulation and geopolitical issues caused by the Ukrainian conflict.”
In step with its share of the market, digital investment products associated with leading crypto asset Bitcoin (BTC) suffered the heaviest outflows last week.
“Bitcoin saw the largest outflows, totaling US$33m, half the amount seen the previous week. This last two weeks of outflows now total US$101m, but year-to-date flows remain positive at US$64m.”
Ethereum (ETH) investment products also felt the brunt of market uncertainty while suffering far fewer outflows than they had the week prior.
“Ethereum saw outflows totaling US$17m last week, much less than the previous week which saw outflows of US$50m.”
While ETH and BTC products faltered, many altcoins investment products enjoyed inflows last week. The big winners were XRP, Polkadot (DOT), Solana (SOL) and Litecoin (LTC) taking in $1.1 million, $0.8 million, $0.7 million, and $0.3 million respectively. Multi-asset digital investment products, those investing also enjoyed $0.6 million in inflows last week.
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Source: https://dailyhodl.com/2022/03/22/institutions-going-for-xrp-polkadot-and-one-ethereum-competitor-as-war-jitters-continue-to-spark-uncertainty-coinshares/