As a crypto investor with some experience in the market, I’m keeping a close eye on the latest trends in institutional investment flows. Last week, we saw another round of outflows from digital investment products, but this time, Ethereum took the lead.
As a researcher studying the crypto investment landscape, I’ve observed that digital asset tracking products experienced outflows for the third week in a row last week, though the value of those outflows decreased compared to previous weeks. Specifically, these products saw approximately $30 million in withdrawals last week.
Instead of “However, this outflow deviated from the trend we normally observe, with Bitcoin taking a step back and most of the movement coming from Ethereum-based investment products,” you could say:
Ethereum Leads The Outflows
As a researcher studying digital asset fund flows, I’ve observed an intriguing shift in institutional investor sentiment towards Bitcoin based on the latest report from CoinShares. Although Bitcoin experienced poor price performance last week, inflows into Bitcoin-based products reached $10 million. While this is less than the typical inflows we see for crypto assets, it indicates a persisting bullish outlook on Bitcoin among institutional investors.
However, unlike Ethereum, institutional investor enthusiasm appears to be fading. The highly anticipated launch of Spot Ethereum ETFs is yet to materialize, leading to weekly outflows of $61 million for Ethereum-based products – the largest since August 2022.
Due to recent developments, the institutional investment in this asset has decreased by a significant $119 million over the past two weeks, making it the poorest-performing digital asset so far this year when it comes to net inflows. According to CoinShares’ data, Ethereum’s year-to-date net outflows stand at $25 million, and it is currently the only digital asset experiencing such a trend since the beginning of 2023.
As a crypto investor, I’ve noticed an interesting trend in the digital asset market last week. Contrary to popular belief, many digital asset products experienced inflows instead of outflows. Multi-asset products took the lead with significant investments totaling $17.9 million. Following closely was Bitcoin, which attracted inflows worth $10 million. Furthermore, Solana, Litecoin, XRP, and Chainlink also saw minor inflows, amounting to $1.6 million, $1.4 million, $0.3 million, and $0.6 million, respectively.
In line with optimistic market feelings, there was a withdrawal of approximately $4.2 million from short Bitcoin investment products. The trading activity surged by 43% compared to the previous week, reaching a total of $6.2 billion. However, this figure is still significantly lower than the weekly average of $14.2 billion recorded throughout the year.
As an analyst, I’d rephrase the given information as follows:
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2024-07-02 22:41