CoinShares’ Weekly Crypto Fund Flows Report, authored by James Butterfill, has been released today. This report highlights notable developments in Ethereum and varying trends in Bitcoin and multi-asset products, detailing changes in crypto investment products over the past week.
### Key Highlights:
1. **$30 Million Outflow**
2. **America Attracts Inflows**
3. **Positive Sentiment Towards Bitcoin**
### $30 Million Outflow
For the third week in a row, crypto-focused investment products experienced outflows, totaling $30 million this week. Although this trend persists, the outflow rate has significantly decreased compared to previous weeks. Despite the overall outflows, many providers reported minor inflows. However, these gains were overshadowed by substantial outflows of $153 million from Grayscale. Trading volumes increased by 43% from the previous week, reaching $6.2 billion, though still below the annual average of $14.2 billion.
### America Attracts Inflows
Regionally, the trends showed considerable variation. The United States recorded inflows of $43 million, followed by Brazil and Australia with $7.6 million and $3 million, respectively. Conversely, Germany, Hong Kong, Canada, and Switzerland saw significant outflows of $29 million, $23 million, $14 million, and $13 million, respectively.
Ethereum faced its largest outflows since August 2022, with $119 million exiting over the past two weeks, marking it as the worst-performing asset in terms of net flows year-to-date. This sharp decline underscores the negative sentiment towards Ethereum among investors.
### Positive Sentiment Towards Bitcoin
In contrast, multi-asset and Bitcoin exchange-traded products (ETPs) demonstrated resilience, with inflows of $18 million and $10 million, respectively. This rise in inflows indicates a growing interest in diversified crypto investments and a positive outlook for Bitcoin. Additionally, short-focused Bitcoin products saw outflows of $4.2 million last week.
Solana and Litecoin led the inflows with $1.6 million and $1.4 million, respectively. Despite the generally positive sentiment towards cryptocurrencies this year, blockchain-focused stocks have faced challenges, with outflows of $545 million in 2023, representing 19% of their assets under management (AuM).
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**Disclaimer:**
The information in this article does not constitute investment advice. Investors should note that cryptocurrencies are highly volatile and carry substantial risk. It is recommended to conduct thorough research before investing.