According to the latest weekly report from CoinShares, crypto investment products recorded net inflows of 308 million dollars last week, marking the 11th consecutive week of positive movement.

However, this week was not without volatility. On December 19, the industry recorded the largest one-day withdrawal of 576 million dollars. The chaos peaked as nearly 1 billion dollars exited the market by the end of the weekend.

James Butterfill, head of research at CoinShares, believes that the recent downturn in the crypto market has contributed to a decrease of 17.7 billion dollars in total assets under management (AuM) of cryptocurrency exchange-traded products (ETPs).

According to Butterfill, this market performance seems to react to the latest forecasts from the U.S. Federal Open Market Committee (FOMC), after the agency adopted a more cautious stance on monetary policy. However, he noted that:

“Although the outflows may seem alarming, they only account for 0.37% of total AuM, ranking as the 13th largest one-day outflow ever recorded. The largest one-day outflow occurred in mid-2022 when the FOMC's decision to raise interest rates led to 540 million USD being withdrawn, equivalent to 2.3% of AuM.”

Bitcoin and Ethereum dominate

Bitcoin continues to dominate the interest of investors, attracting 375 million dollars in inflows despite experiencing several days of outflows during the week.

Similarly, Ethereum continues to maintain strong growth momentum, receiving 51 million dollars in inflows, pushing the total amount for the month above 2 billion dollars. Inflows into Ethereum so far currently stand at 4.5 billion dollars, reflecting strong confidence from investors.

In contrast, Solana saw outflows of 8.7 million dollars, contributing to a total negative amount for the month of 22 million dollars. Multi-asset investment products faced the most significant decline, with outflows of 121 million dollars last week.

However, some altcoins have gone against the trend, with XRP, Horizen, and Polkadot recording inflows of 8.8 million dollars, 4.8 million dollars, and 1.9 million dollars, respectively. Butterfill noted that this indicates a targeted approach by investors, focusing on specific assets despite the broader challenges in the crypto market.

Meanwhile, the trend of institutions also reflects different strategies. BlackRock's iShares ETF attracted over 1.5 billion dollars in inflows, notably a significant positive move. Meanwhile, Grayscale's and Fidelity's ETFs experienced outflows of 339 million dollars and 293 million dollars, respectively.



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