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