Digital asset investment products experienced inflows last week for the first time this year, according to the latest CoinShares data.
Although only accounting for $14.4 million in admissions, last week saw the break of a five-week streak of releases totaling $532 million. Given that the capital inflows came during a period of significant price weakness later in the week, the report believes investors saw it as a buying opportunity. However, total assets under management (AuM) has now fallen to $51 billion, its lowest level since early August 2021, after falling 41% from its peak of $86 billion in November 2021.
Bitcoin-based investment products finally saw some inflows last week, totaling at $14 million. This came after five weeks of outflow amounting to $317 million, or what had been roughly 1% of AuM.
Unfortunately for Ethereum backers, digital asset investment products based on the second-largest cryptocurrency continued to see outflows, last week amounting to $16 million.
Due to both the longevity and gravity of the seven-week run of outflows which amounted to $245, or 2% of AuM, the report suggested that investor bearishness has been centered on Ethereum rather than Bitcoin.
Meanwhile, among altcoins, Cardano, Polkadot, and Solana saw inflows of $1.5 million, $1.5 million, and $1.4 million, respectively. As for multi-asset investment products (coins), investors continued to add positions with $8 million in the past week.
Crypto outflows
The week prior to last had been the fifth consecutive week of crypto outflows, amounting to $73 million. Although, the first days of crypto inflows had also been reported that week. According to the report, these positive price moves suggest an easing of the recent bearish sentiment.
When it began in mid-December, the currently completed release streak had ended a streak of 17 consecutive weeks of inflows from August 2021, which ultimately totaled $3.6 billion.
