Home
News
• Ethereum inflows for the previous week amounted to a massive $47 million.
• The plummeting values of cryptocurrencies have made the investors add positions with net inflows to the investment products worth $74 million.
• Cardano, Polkadot, and Ripple had outflows of $5.2 million, $3.8 million, and $4.5 million, respectively.
The world’s largest cryptocurrency, bitcoin, lost its value by 10% in a single day and toppled down to $33,000 levels. A single BTC token is currently trading at $33,144.02 and is down by 6.42% in the last 24 hours. For the same reason, inflows on BTC products have reduced drastically. As per the latest CoinShares report, Digital Asset Fund Flows Weekly, Ethereum records a 27% share in the investment market.
Ethereum’s Price Correction has no Effect on its Net Inflows
The plummeting values of cryptocurrencies have made the investors add positions with net inflows to the investment products worth $74 million, states the report. Tallying the outflows of the previous two weeks, the amount stands at $151 million. This represents 0.34% assets under management. Ethereum has shown some outstanding performance in this period. Ethereum inflows for the previous week amounted to a massive $47 million. Although it seems like the price fluctuations may have had a slight effect, the overall inflow appears to have recovered. Accounting for over 27% of the investment market share, it seems like investors are shifting towards the second-largest cryptocurrency.
Altcoins Shine Despite Bitcoin’s Weakness
Whereas outflows involving bitcoin investment products only amounted to a petty $4 million. The total inflows of the past three weeks stand at $246 million. Currently, BTC represents 0.8% of the assets under management. Despite plunges in the inflows since the past few weeks, the total inflows for Bitcoin investment products remain positive and evaluate to $4.4 billion.
On the other hand, Proof of stakes coins seemed to have gained attention. Cardano, Polkadot, and Ripple had outflows of $5.2 million, $3.8 million, and $4.5 million, respectively. Although bitcoin has been consistently in the spotlight, this time, altcoins are performing way better. As of now, Ethereum remains my most favorite altcoin. Grayscale, CoinShares, and 3iq are the top three providers based on assets under management. However, this week 21shares accounted for the highest inflows, valued at $34.8 million.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
