Investors Crawl Back to Ether Funds as Bitcoin Outflows Rise
6 min ago•2 min read•Bitcoin
Digital-asset funds have attracted capital over the past two weeks, albeit at a slower pace as investors remain cautious after the crypto crash in May. It appears that investors are warming up ether, which saw a third consecutive week of inflows totaling $11.7 million, according to a report by CoinShares.
Overall, net inflows to digital asset funds totaled $2.9 million for the week ending July 9, down from $4 million during the previous week. Fund flows have weakened following a period of strong investor demand during bitcoin’s rally in Q4 2020.Minor outflows were seen in bitcoin investment products totaling $7 million last week, which coincided with slowing trading volumes, according to CoinShares.“In recent weeks there has been a regional divide in bitcoin inflows, with North American providers seeing consistent inflows while their European counterparts have continued to see outflows, suggesting a geographic divergence in sentiment is present.”Multi-asset investment products were the most popular last week with inflows totaling $1.2 million, and now represent 16.5% of total assets under management, according to CoinShares.Aside from ether, investors have also flocked to other altcoins such as Binance coin and cardano, which saw inflows of $400,000 and $600,000, respectively.Increased altcoin flows, although small compared to bitcoin, imply investors are starting to diversify across their digital asset holdings.Source