Ethereum Topped Digital Assets Leaderboard Last Week

The $6.6 million in inflows suggests sentiment for the cryptocurrency is slowing beginning to turn.

JamesButterfill310x310
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Head of Research and Investment Strategy
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Reviewed by: Lisa Barr
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Edited by: Lisa Barr

Takeaways

  • Digital asset investment products saw minor outflows totalling US$6.5m, following 4 prior weeks of inflows that totalled US$742m.
  • Bitcoin was the primary focus, as has recently been the case, seeing US$13m of outflows, while short bitcoin investment products saw outflows for the 13th consecutive week totalling US$5.5m.
  • Ethereum topped the leaderboard last week, seeing US$6.6m inflows, suggesting sentiment, which has been poor this year, is slowly beginning to turn around.

 

 

Digital asset investment products saw minor outflows totalling US$6.5m, following 4 prior weeks of inflows that totalled US$742m. Trading volumes last week were below the year weekly average at US$1.2bn compared to US$2.4bn the prior week. The minor negative sentiment was primarily focussed on the North American market, seeing 99% of (US$21m) outflows. This was offset by US$12m inflows into Switzerland and US$1.9m into Germany.

Short Bitcoin Products Saw Outflows

Bitcoin was the primary focus, as has recently been the case, seeing US$13m of outflows, while short bitcoin investment products saw outflows for the 13th consecutive week totalling US$5.5m. Short bitcoin total assets under management (AuM) at its peak represented 1.3% of total bitcoin investment products, this has now fallen to just 0.4%, the lowest level since June 2022.

Ethereum topped the leaderboard last week, seeing US$6.6m inflows, suggesting sentiment, which has been poor this year, is slowly beginning to turn around.

XRP, both prior to, and following the conclusion of the recent SEC lawsuit, has seen inflows totalling US$6.8m over the last 11 weeks representing 8% of AuM. This implies investors are increasingly confident in the outlook for XRP.

Solana, Uniswap and Polygon saw inflows totalling US$1.1m, US$0.7m and US$0.7m respectively.

 

 

 

 

 

Contact James Butterfill at [email protected]

James Butterfill has over 19 years of experience in fund management, investment banking, economics and asset allocation, gained most recently as an investment strategist at CoinShares. Previously, he was head of research at ETF Securities, with prior experience as a multi-asset fund manager and investment strategist at Coutts & Co., HSBC & ING Barings. James is a regular media commentator, and frequently appears on Bloomberg TV, CNBC, BBC and other broadcast outlets. Investment Week awarded him best ETF Eesearch and best FX Research in 2016 and 2017, respectively. James is currently an investment strategist at CoinShares, writing research white papers on investment themes, identifying investment opportunities and helping investors understand the digital asset world.