Digital asset investment products recorded $5 million worth of cumulative weekly outflows in what CoinShares says is an “apathetic period.”
On October 24, European crypto investment company CoinShares published its “Digital Asset Fund Flows Report,” which showed that digital asset investment products saw $5 million worth of cumulative outflows in the past week in a continuation of what it refers to as an “apathetic period” that started in September 2022.
Most preferably, investment product volumes plunged to $758 million during the week, which is the lowest since October 2020 and quite below the weekly average of $7 billion around this time in 2021 when crypto markets were in an uptrend.
The report shows that Bitcoin (BTC) investment products saw minor inflows of $4.6 million, marking the sixth consecutive weekly gain, while short-Bitcoin investment products saw outflows of $7.1 million.
Ether (ETH) investment products saw outflows for the third successive week reaching $2.5 million, bringing in the total of outflows post-Merge to $11.5 million, only 0.2% of assets under management. XRP saw inflows of $8 million. While that figure appears low, it is supposedly close to the biggest since the United States Securities and Exchange Commission’s lawsuit against Ripple started.
Buy Crypto NowSo far in 2022, Bitcoin funds have seen a net worth of $296.2 million worth of inflows, while Ether funds have seen a net worth of $371.2 million in outflows. The figures indicate that investment managers are opting for the relative stability and longer track record of Bitcoin during the bear market.
CoinShares’ data shows that Canada, Sweden, and the United States saw the most action, with outflows of $1.9 million, $4.5 million, and $1.2 million, respectively; while Brazil, Germany, and Switzerland all saw some minor inflows.
