On October 24, 2022, European cryptocurrency investment firm Coinshares unveiled its “Digital Asset Fund Flows Report,” which showed that digital asset investment products witnessed five million dollars worth of cumulative outflows in the previous week with regard to the continuation of an “apathetic period” which started in September, 2022, as reported by Cointelegraph.
According to Cointelegraph, volumes of investment product fell to $758 million during the week, which was the lowest since October, 2020, and underneath the weekly average of seven billion dollars of last year. The reports showed that Bitcoin investment products revealed minor inflows worth $4.6 million, which marked the sixth weekly gain in a row, while short-Bitcoin products saw outflows of $7.1 million.
On the basis of information by Cointelegraph, Ether-based investment products showed outflows for the third successive week which amounted to $2.5 million, bringing the total of outflows post-Merge to $11.5 million, around 0.2% assets under management (AUM). XRP saw inflows worth eight million dollars. While it is believed that the figures are low, it’s reportedly close to the largest since the United States Securities and Exchange Commission’s lawsuit against Ripple started.
Moreover, Cointelegraph noted that in 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. Reportedly, the figures suggested that investment managers are looking for the stability and track record of Bitcoin at the time of bear market. Insights from CoinShares’ data stated that Sweden, Canada and United States saw an increased action, with outflows of $4.5 million, $1.9 million and $1.2 million, respectively; while Germany, Brazil and Switzerland all witnessed minor inflows.
Going by Cointelegraph’s official website, founded in 2013, it is a digital media resource covering news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.
(With insights from Cointelegraph)
Also Read: Cryptoverse: British pound fiasco boosts bitcoin’s hedge appeal
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