<\/p>\n
Digital asset investment products have returned to negative territory following four weeks of solid inflows.<\/p>\n
According to asset manager CoinShares, there was a total outflow of $6.5 million from crypto funds last week, reversing the trend of inflows.<\/p>\n
However, the outflow is minor compared to the prior four weeks, which totaled $742 million of inflows.<\/p>\n
\n\ud83d\udd0e Let’s have a look at last week’s fund flows with CoinShare’s Head of Research James Butterfill.<\/p>\n
\u2b05\ufe0f Digital asset investment products saw minor outflows totaling US$6.5m, following 4 prior weeks of inflows that totaled US$742m.<\/p>\n
\ud83e\uddf51\/5 pic.twitter.com\/I32OtNbGV5<\/a><\/p>\n
\u2014 CoinShares (@CoinSharesCo) July 24, 2023<\/a><\/p>\n<\/blockquote>\n
Pro Investors Switch to ETH Funds<\/h2>\n
Bitcoin saw the lion’s share of outflows, with $13 million leaving such funds and products. Furthermore, short BTC investment products saw outflows for the 13th consecutive week totaling $5.5 million.<\/p>\n
The paper also showed a slump in trading volumes last week. They were below the year-weekly average at $1.2 billion, less than half of the $2.4 billion in volume the previous week.<\/p>\n
The negative sentiment was primarily focused on the North American market as the regulatory war on crypto continues.<\/p>\n
However, the news was not all bad in the world of institutional investing. Professional traders have flipped from Bitcoin to Ethereum, with ETH-based funds seeing an inflow of $6.6 million for the week.<\/p>\n
This “suggests sentiment, which has been poor this year, is slowly beginning to turn around,” noted CoinShares.<\/p>\n
Ripple-related funds also saw $2.6 million of inflows due to the firm’s recent partial victory<\/a> against the SEC and XRP prices getting a major boost.<\/p>\n
Solana, Uniswap, and Polygon saw inflows totaling $1.1 million, $0.7 million, and $0.7 million, respectively, the report revealed.<\/p>\n
The overall picture could be a signal that sentiment is about to switch back to negative, however. Previously low weeks of institutional flows following larger ones have led to trend reversals.<\/p>\n
Crypto Market Lethargy Continues<\/h2>\n
Crypto market volatility, volumes, and liquidity are at multi-year lows as asset prices remain stagnant.<\/p>\n
The total market cap has dropped a further 1.4% on the day to $1.21 trillion, but it remains within its tight multi-monthly range.<\/p>\n
bitcoin prices<\/a> have dipped 2.3% as the asset tumbles toward $29,000 and sentiment weakens. The asset currently trades at its lowest level in over a month.<\/p>\n
Ethereum is moving in its shadow with a 1.2% slide to $1,847 at the time of writing. The rest of the altcoins are a sea of \u200b\u200bred aside from Dogecoin<\/a>which is up 9% on the day.<\/p>\n
\nSPECIAL OFFER (Sponsored)<\/span><\/center>
\nBinance Free $100 (Exclusive): Use this link<\/a> to register and receive $100 free and 10% off fees on Binance Futures first month<\/b> ,terms<\/a>,<\/p>\nPrimeXBT Special Offer: Use this link<\/a> to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.<\/b><\/p>\n<\/div>\n<\/div>\n
<\/p><\/div>\n