đ Last week's inflows into crypto products indicate 'unanimous positive sentiment': CoinShares
Digital asset investment products saw inflows totaling $176 million last week.CoinShares claims the data is indicative of âunanimous positive sentiment towards the asset class.âEther productsâ year-to-date inflows are the highest since 2021.
Last week, digital asset investment products saw inflows totaling $176 million â with ether attracting $155 million and short bitcoin exchange-traded products seeing large outflows.
According to CoinShares' latest report, investors saw last week's price weakness as a buying opportunity, with ether benefiting the most.
Meanwhile, outflows from short bitcoin ETPs were the largest since May 2023. Thus, assets under management for such products have been reduced to their lowest level since the start of this year. CoinShares claims that this indicates "a substantial investor exit."
Overall, trading activity in ETPs was significantly higher than normal, at $19 billion for the week. For comparison, CoinShares noted that the weekly average for 2024 so far is $14 billion.
Last week's volatility has apparently led to "unanimous positive sentiment towards the asset class," with CoinShares noting that every region saw inflows the previous weekâthe United States, Switzerland, Brazil and Canada being the most notable.
Unsurprisingly, ether products' year-to-date inflows are the highest since 2021, thanks to the newly launched spot ether exchange-traded funds in the U.S.
However, the crypto market has, thus far, started this week in the red. The price of Bitcoin
is down 4.5%, according to The Block's Bitcoin Price Page, while ether is down 3.6%. The GM30 Crypto Index is down 4.7%.
