A prominent digital asset manager says crypto investment products experienced exits last week for the first time in seven weeks. According to the latest weekly CoinShares report, digital asset investment products hit $110,000,000 last week. Also, while exiting 4 altcoin projects, there were entries for 2 altcoins. For details cryptocoin.com keep reading.
What causes the outputs?
CoinShares says the $80 million North American outflows are most likely a response to U.S. President Joe Biden’s crypto-related executive order, but the exact reasons are unclear. CoinShares made the following statement:
Digital asset investment products saw $110M outflows last week after a 7-week inflow of inflows. The $80 million outflows from North America, with exits starting early last week, suggest that these are a response to the US Presidential Executive Order to delve deeper into digital assets.
CoinShares stresses that the reasons are unclear, given that there was little price reaction and $30 million outflows in Europe as well. It seems that regulatory concerns and geopolitical risks continue to be at the forefront of investors’ concerns about digital assets.
Which altcoin projects are seeing exit and entry?
Bitcoin (BTC), the leading crypto by market capitalization, experienced the heaviest exits with $70 million leaving BTC investment products. In line with its market share, the leading altcoin Ethereum (ETH) has seen the second most intense exit, stopping the bleeding at $51 million. CoinShares shares the following information:
Bitcoin saw a total output of $70 million last week after low volumes. Relatively, Ethereum saw the biggest exits last week, totaling $51 million.
Altcoin projects Solana (SOL), Ripple (XRP) and Polkadot (DOT) saw $0.3 million, $0.7 million and $0.9 million outflows, respectively, while Cardano (ADA) and Litecoin (LTC) saw 0% outflows. There was an entry of .2 million dollars each.
CoinShares noted a contrast between crypto-asset investment products and multi-asset and Blockchain equity investment products that have seen their fair share of capital inflows:
Multi-asset (multi-coin) and Blockchain equity investment products saw a combined $12M and $4.1M inflows last week and remain popular with investors.
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