Minor Inflows For Cryptoasset Funds
Digital asset investment products saw inflows totaling $14.4 million last week, breaking the prior five-week run of outflows.
Takeaways
|
Digital asset investment products saw inflows totalling $14.4 million last week, breaking the prior five-week run of outflows. The inflows came later in the week during a period of significant price weakness, suggesting investors, at current price levels, are seeing this as a buying opportunity. Total assets under management (AUM) are now at $51 billion, the lowest since early August 2021, having fallen 41% from the $86 billion November 2021 peak.
Bitcoin saw inflows totaling $1 4million last week, having suffered outflows of $317 million, representing 1% of AUM, in the prior five weeks.
Ethereum continues to see outflows, with $16 million of outflows last week. The current seven-week run of outflows now total $245 million, or 2% of AUM, highlighting that much of the recent bearishness among investors has been focused on Ethereum rather than Bitcoin.
Of the altcoins, Cardano, Polkadot and Solana saw inflows totaling $1.5 million, $1.5 million and $1.4 million, respectively.
Investors continue to add multi-asset (coin) investment products to positions, with $8 million last week.
Contact James Butterfill at [email protected]
