Digital asset investment products had inflows of $21 million last week, the first inflows in six weeks, according to new CoinShares data. However, the European alternative asset manager warned that trading volumes remain “seasonally low.”
“Earlier in the week it looked as if it would be another week of outflows, with the inflows coming late in the week (Friday) in what we believe is a reaction to a combination of positive price momentum, fears over US government debt prices and the recent quagmire over government funding,” wrote CoinShares research head James Butterhill in a blog post. “Despite this most recent price pick up, volumes remain seasonally low in both the investment product market and the broader crypto market.”
The approval of multiple ether futures ETFs and faintly encouraging economic news last week revived investor appetite for digital assets, spurring a mini rally in prices late Thursday. Crypto markets have been largely in the doldrums since mid August.
Bitcoin (BTC) accounted for $20.4 million of the capital movement, while Ethereum (ETH) showed a $1.5 million outflow Solana (SOL) showed inflows of $5 million for the week, marking its 27th consecutive week of inflows.
Sorting the flows by provider, ETC Issuance GmbH accounted for $17.7 million of inflows, Purpose Investments Inc ETF had $16.6 million and 21Shares AG stood at $7.8 million. The largest outflow belonged to ProShares ETF/USA, down $18 million for the week and down $86 million month to date.
Blockchain stock outflows of $8.4 million dovetailed with last week’s wider decline in tech stocks that sent the Nasdaq and S&P 500 down.
