a leading cryptocurrency analytics firm CoinShares, bitcoin and altcoin published its latest report detailing the inflows and outflows of its funds.
While drawing attention to the polarization of investors, the report reveals that sentiment in the US is on a downtrend, while sentiment in Europe is on an uptrend.
Bitcoin and Altcoin Funds See a Total Net Inflow of $37 Million
According to the report, there was a net inflow of $37 million in digital asset investment products last week, with the majority (68%) going into short investment products. Trading activity for the week was also high, with a total of US$1.6 billion trading above the 90-day average of US$990 million. 80% of transactions focused on Bitcoin.
Regionally, the report shows that opinions are very polarized. In Europe, particularly Germany and Switzerland, inflows of $14 million and $10 million were seen, respectively. However, exits were also seen in short investment products in Europe, indicating a positive sentiment. In contrast, Hong Kong saw an outflow of $11 million from long investment products, while in the US the majority of inflows were in short-Bitcoin products.
The report also highlighted inflows to certain digital assets, while Bitcoin saw $5.7 million inflows last week. Short-Bitcoin investment products saw their biggest weekly inflow since July 2022 with $25.5 million.
What is the situation with altcoins?
In contrast, there was a string of altcoin entries with Ethereum $4.2 million, Polkadot $1.0 million, Cardano $0.6 million, XRP $0.6 million and Avalanche $0.5 million. Blockchain-linked equities also saw a total inflow of US$7.1 million last week.
Overall, CoinShares’ report shows a polarized investor sentiment, with a bullish trend in Europe and a bearish trend in the US. However, the report also highlights strong inflows into digital assets and blockchain stocks, showing that interest in the cryptocurrency market remains strong.
*Not investment advice.
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