: Volumes of crypto investment products fall to a 2-year low
CoinShares, a European cryptocurrency investment company, published its “Digital Asset Fund Flows Report” on Oct 24. It revealed that $5 million in cumulative outflows occurred last week for digital asset investments products. This is a continuation of an “apathetic period”, which began in September 2022.
The most notable drop was in investment product volumes from $758 million to $758m during the week. This is the lowest level since October 2020, and well below the weekly average $7 billion at this time last year, when crypto markets were on an uptrend.
According to the report, Bitcoin ( BitcoinTC), investment products experienced minor inflows totaling $4.6 million. This is the sixth consecutive week of gains. Short-Bitcoin investments products however, saw outflows totalling $7.1 million.
For the third consecutive week, Ether ( ETH), investment products saw outflows totaling $2.5million, making the total outflows after-Merge at $11.5 million. This is just 0.2% of assets under administration. Inflows to XRP ( XRP), totaled $8 million. Although it may seem low, this figure is reportedly the highest since the lawsuit by the United States Securities and Exchange Commission against Ripple began.
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Bitcoin funds have received $296.2 million in inflows this year. Ether funds have received $371.2 million outflows. These figures show that investors are choosing to invest in Bitcoin due to its relative stability and long track record during bear markets.
According to CoinShares data, Sweden was the most active, followed by Canada, United States and HTML5_ Mexico . These countries saw outflows of $4.5million, $1.9million and $1.2million, respectively. Germany, Brazil, and Switzerland saw only minor inflows.