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Ethereum&#8217;s (<a href="https://cryptoslate.com/coins/ethereum/">ETH</a>) Shanghai and Capella — <a href="https://cryptoslate.com/everything-you-need-to-know-about-eth-shapella-withdrawals/">Shapella</a> — updates increased investor confidence, which led to  $17 million worth of inflows into ETH-based investment products during the week of April 17-23, according to CoinShares&#8217; weekly report.
Although ETH-based products flourished, the overall crypto investment tools market recorded a $30 million loss during the previous week, as the CoinShares <a href="https://coinshares.com/research/digital-asset-fund-flows">report</a> stated.
<figure id="attachment_319858" aria-describedby="caption-attachment-319858" style="width: 636px" class="wp-caption aligncenter"><img class=" wp-image-319858" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.39.39.png" alt="Weekly Flows (Source: CoinShares)" width="636" height="425" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.39.39.png 1254w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.39.39-300x200.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.39.39-1024x684.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.39.39-768x513.png 768w" sizes="(max-width: 636px) 100vw, 636px" /><figcaption id="caption-attachment-319858" class="wp-caption-text">Weekly Flows (Source: CoinShares)</figcaption></figure>
The losses recorded on the week of April 17 were the first hostile movement in five weeks. The report noted that the outflows started to increase during the week before, on April 14 — which was around the time when Bitcoin (<a href="https://cryptoslate.com/coins/bitcoin/">BTC</a>) surpassed the $30,000 price mark.
ETH&#8217;s Shapella upgrade also coincided during the same week — pushing the investors towards <a href="https://cryptoslate.com/investors-flock-bitcoin-after-ethereums-shapella-upgrade/">betting</a> on BTC during the week of April 10. Considering that the outflows started to surge during the middle of the week suggests that the sell-off was likely the result of investors who wanted to scoop profits.
<h2 id="flows-by-asset">Flows by asset</h2>
The outflows emerged on April 14 and continued during the week of April 17. However, as the report defined, the profit-taking was only limited to BTC  — which recorded $53.1 million in outflows.
<figure id="attachment_319873" aria-describedby="caption-attachment-319873" style="width: 635px" class="wp-caption aligncenter"><img class=" wp-image-319873" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.59.02.png" alt="Flows by asset (Source: CoinShares)" width="635" height="496" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.59.02.png 866w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.59.02-300x234.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-13.59.02-768x600.png 768w" sizes="(max-width: 635px) 100vw, 635px" /><figcaption id="caption-attachment-319873" class="wp-caption-text">Flows by asset (Source: CoinShares)</figcaption></figure>
Ripple (<a href="https://cryptoslate.com/coins/xrp/">XRP</a>) was the only other asset contributing to the outflows by losing $400,000 during the week.
ETH led the assets that contributed to inflows by collecting $16.8 million. Short-BTC products, Litecoin (<a href="https://cryptoslate.com/coins/litecoin/">LITE</a>) and Solana (<a href="https://cryptoslate.com/coins/solana/">SOL</a>), also recorded inflows worth $1.5 million, $200,000, and $700,000, respectively.
<h2 id="flows-by-country">Flows by country</h2>
Regionally, North America led the BTC sell-offs. Canada recorded $32 million in outflows —  while the U.S. recorded another $21.9 million. Sweden also contributed another $7 million to flows as well.
<figure id="attachment_319878" aria-describedby="caption-attachment-319878" style="width: 649px" class="wp-caption aligncenter"><img class=" wp-image-319878" src="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-14.11.25.png" alt="Flows by country (Source: CoinShares)" width="649" height="437" srcset="https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-14.11.25.png 1110w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-14.11.25-300x202.png 300w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-14.11.25-1024x688.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/04/Screenshot-2023-04-24-at-14.11.25-768x516.png 768w" sizes="(max-width: 649px) 100vw, 649px" /><figcaption id="caption-attachment-319878" class="wp-caption-text">Flows by country (Source: CoinShares)</figcaption></figure>
Meanwhile, Germany emerged as the leading country in inflows by adding $28.7 million to the market. Brazil and Switzerland also recorded inflows — worth $1.3 million and $600,000, respectively.
Categorizing the flows by providers, ProShares emerged as the main provider that recorded the highest amount of outflows worth $23.4 million. 3iQ  and CoinShares XBT recorded another $20.9 million and $7 million in outflows.
CoinShares Physical saw $15.7 million in inflows, bringing the aggregate to $8.7 million in inflows for CoinShares. 21 Shares and Purpose also recorded $2.3 million and $900,000 in inflows, respectively.
The post <a rel="nofollow" href="https://cryptoslate.com/ethereums-shanghai-and-capella-updates-drive-17m-inflows-defying-crypto-markets-30m-loss/">Ethereum&#8217;s Shanghai and Capella updates drive $17M inflows: CoinShares</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Ethereum’s Shanghai and Capella updates drive $17M inflows: CoinShares

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