Ethereum

Bitcoin

<ul>
 <li>Digital assets recorded outflows last week for the first time in almost three months.</li>
 <li style="font-weight: 400;">This was due to a surge in profit-taking activity.</li>
</ul>
Capital flight from investment products totaled $16 million last week, marking a potential shift in sentiment after a period of sustained bullishness, digital asset investment firm CoinShares found in a new <a href="https://blog.coinshares.com/volume-162-digital-asset-fund-flows-weekly-report-30bf22a62894" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a>.
A wave of investor pullback swept through the digital asset market during the period under review, washing away 11 weeks of steady inflows.&nbsp;
According to the investment firm, weekly trading volume rallied above the year-to-date average despite the outflows recorded.
CoinShares noted,
<blockquote>
 “Trading activity remained well above the year average, though, totaling US$3.6bn for the week, compared to the year-to-date average of US$1.6bn.”
</blockquote>
On a regional level, most of last week’s liquidity exit from crypto funds came from the US and Germany, with outflows of $18 million and $10 million, respectively.&nbsp; 
Canada and Switzerland, on the other hand, both recorded minor inflows of $7 million and $9.1 million, respectively.
This led CoinShares to opine:
<blockquote>
 “The mixed regional flows suggest this was more related to profit-taking rather than a turn in sentiment towards the asset class.”
</blockquote>
<h4>Bitcoin got hit the hardest</h4>
During the week under review, investment products backed by leading crypto <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Bitcoin [BTC]</a> recorded outflows of $33 million. 
The significant inflow into BTC-backed products in the past two months pushed the coin’s year-to-date (YTD) above $1.5 billion. Tethering closer to $2 billion, it totaled $1.67 billion despite last week’s fund removal.&nbsp;
On a month-to-date basis, the report showed that BTC recorded a net positive fund flow of $7 million. 
Within the week considered, BTC’s asset under management (AUM) totaled $36 billion, enjoying a 72% share of the entire market’s total AUM of $50 billion.&nbsp;
As for short-Bitcoin products, they recorded minor outflows of $300,000.
<h4>Ethereum failed, whereas other alts excelled</h4>
Within the altcoin ecosystem, leading altcoin <a href="https://ambcrypto.com/search/eth" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Ethereum [ETH]</a>, recorded the most amount of outflows. The second-largest cryptocurrency by market capitalization saw outflows of $4.4 million during the period considered.&nbsp;
This followed a <a href="https://blog.coinshares.com/volume-161-digital-asset-fund-flows-weekly-report-0944e1003fdf" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">six-week period</a> of consecutive fund flows into ETH-backed assets, which amounted to $19 million. On a YTD, the coin’s outflows were $129.4 million.&nbsp;
Regarding other alts:
<blockquote>
 “Altcoins bucked the trend, seeing US$21m of inflows. The main beneficiaries being <a href="https://ambcrypto.com/search/sol" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Solana</a>, <a href="https://ambcrypto.com/search/ada" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Cardano</a>, <a href="https://ambcrypto.com/search/xrp" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">XRP</a>, and <a href="https://ambcrypto.com/search/link" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Chainlink</a>, totaling US$10.6m, US$3m, US$2.7m, and US$2m respectively.”
</blockquote>

Crypto-funds see first outflows in 11 weeks as Bitcoin, Ethereum…

AMBCrypto

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