On Oct. 24, European cryptocurrency investment firm Coinshare published its Digital Assets Funds Flows Report, which revealed that digital asset investment products saw $5 million worth of cumulative outflows last week, in a continuation of what he calls an “apathetic period” that began in September 2022.
Most notably, investment product volumes fell to $758 million for the week, the lowest since October 2020 and well below the $7 billion weekly average around this time last year, when crypto markets were in an uptrend.
Data from the report revealed that Bitcoin (BTC) investment products saw inflows of less than $4.6 million, marking the sixth consecutive weekly gain, while short Bitcoin investment products saw withdrawals of $7.1 million.
Investment products in Ether (ETH) registered outflows for the third consecutive week, with a total of USD 2.5 million, bringing total post-merger outflows to $11.5 million, just 0.2% of assets under management. XRP (XRP) saw inflows of $8 million; Although the figure seemed low, it is said to be close to being the highest since Ripple’s lawsuit with the United States Securities and Exchange Commission began.
So far this year, Bitcoin funds have seen a net worth of $296.2 million in inflows, while Ether funds have seen a net value of $371.2 million in outflows. The figures suggest that investment managers are opting for Bitcoin’s relative stability and longer track record during the bear market.
Coinshares data revealed that Sweden, Canada and the United States were the countries that registered the most movements, with outflows of 4.5 million, 1.9 million and 1.2 million dollars, respectively. while Germany, Brazil and Switzerland recorded smaller entries.
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