Weekly crypto output reaches $9 million
The total value of global crypto assets under management fell below $30 billion last week after digital asset investment products witnessed outflows of approximately $9 million. Bitcoin remained the worst performing digital currency last week as more than $15 million in investments left BTC products.
Ethereum, on the other hand, saw a minor shift in sentiment as ETH products attracted $3 million in weekly inflows. Global digital asset management companies have now managed more than $8 billion worth of ETH funds.
“Digital asset investment products saw small outflows last week totaling USD 9 million last week with volumes of USD 1 billion, 55% lower than the annual average and the second lowest this year, suggesting low investor participation at present. The summer doldrums persist for now. Regional outflows were focused on the US, Germany and Sweden totaling USD 10 million, USD 2.4 million and USD 2.1 million respectively, while smaller inflows were seen in Brazil and Switzerland totaling USD 2.5 million and USD 1, 9 million,” CoinShares highlighted in its weekly crypto stream report.
“Bitcoin, where mild negative sentiment has been focused, saw a third straight week of outflows totaling $15 million. Short bitcoin had very small inflows totaling $0.2 million over the same period,” the report added.
Altcoins
Among altcoins, Cardano and XRP saw decent inflows in the past week. However, outflows from Solana (SOL) investment products increased during the mentioned period. In terms of price action, Solana has lost nearly 20% of its value over the past seven days. BNB and XRP showed resistance to the recent downtrend over the past week.
“Solana saw outflows for a second week totaling $1.4 million. Blockchain stocks are experiencing similar mildly negative sentiment with outflows totaling $1.6 million last week,” CoinShares highlighted.
On Monday, the total market capitalization of cryptocurrencies fell below $1 trillion. ETH’s market cap plunged below $200 billion while Bitcoin managed to stay above its total market cap of $400 billion.
The total value of global crypto assets under management fell below $30 billion last week after digital asset investment products witnessed outflows of approximately $9 million. Bitcoin remained the worst performing digital currency last week as more than $15 million in investments left BTC products.
Ethereum, on the other hand, saw a minor shift in sentiment as ETH products attracted $3 million in weekly inflows. Global digital asset management companies have now managed more than $8 billion worth of ETH funds.
“Digital asset investment products saw small outflows last week totaling USD 9 million last week with volumes of USD 1 billion, 55% lower than the annual average and the second lowest this year, suggesting low investor participation at present. The summer doldrums persist for now. Regional outflows were focused on the US, Germany and Sweden totaling USD 10 million, USD 2.4 million and USD 2.1 million respectively, while smaller inflows were seen in Brazil and Switzerland totaling USD 2.5 million and USD 1, 9 million,” CoinShares highlighted in its weekly crypto stream report.
“Bitcoin, where mild negative sentiment has been focused, saw a third straight week of outflows totaling $15 million. Short bitcoin had very small inflows totaling $0.2 million over the same period,” the report added.
Altcoins
Among altcoins, Cardano and XRP saw decent inflows in the past week. However, outflows from Solana (SOL) investment products increased during the mentioned period. In terms of price action, Solana has lost nearly 20% of its value over the past seven days. BNB and XRP showed resistance to the recent downtrend over the past week.
“Solana saw outflows for a second week totaling $1.4 million. Blockchain stocks are experiencing similar mildly negative sentiment with outflows totaling $1.6 million last week,” CoinShares highlighted.
On Monday, the total market capitalization of cryptocurrencies fell below $1 trillion. ETH’s market cap plunged below $200 billion while Bitcoin managed to stay above its total market cap of $400 billion.
