Institutional currency ATOM and ADA experienced exit. Last week, digital asset investment products saw a significant inflow of $136 million. This marks three consecutive weeks of positive entry. Accordingly, this situation completely reverses the previous nine-week exits. Bitcoin remains the primary focus among investors, with a total inflow of $133 million. Short-focused-Bitcoin products saw an outflow of $ 1.8 million. Also, blockchain stocks witnessed the biggest entry in a year with $15 million. Let’s look at the details.
Institutional investor exiting ATOM and ADA continued to pour money
Last week’s $136 million inflow contributed to a three-week total of $470 million. Accordingly, it effectively offset the previous nine-week exits. Year-to-date net flow of digital asset investment products is $231 million positive.
However, compared to the previous two-week average of $2.5 billion, the weekly total turnover of investment products of $1 billion has slowed. These low volumes are attributed to seasonal effects. Because, in July and August, trading activities generally decrease.
Bitcoin continues to attract investors’ attention
Bitcoin remains the preferred choice among investors, as evidenced by the $133 million inflow recorded last week. In contrast, there was an outflow of $1.8 million in short-focused-Bitcoin products. Accordingly, this marks the 11th consecutive week of such exits. This trend highlights that investors prefer Bitcoin over alternative cryptocurrencies (altcoins).
Although Ethereum observed $2.9 million inflows last week, its recovery has been minimal in terms of investor sentiment. Three-week entries represent only 0.2% of total assets under management (AuM), compared to Bitcoin’s 1.9%. Year-to-date, Ethereum remains in a negative net flow position with $63 million exit. Also, short-focused Ethereum products experienced minor outflows of $0.3 million. On the other hand, altcoins such as Solana, XRP, Polygon, Litecoin, and Aave have seen entry. However, ATOM and Cardano had minor breakouts.
Blockchain stocks resurgence
On a positive note, blockchain-focused stocks witnessed the highest inflow in a year, with a total of $15 million. This revival shows an increasing interest of investors in companies associated with blockchain technology. Digital asset investment products saw a significant inflow of $136 million last week. It pointed to a positive entry trend for three consecutive weeks.
cryptocoin.com From a general point of view, while Bitcoin continues to be in the focus of investors, the recovery of Ethereum continues to be limited. Accordingly, the resurgence of blockchain stocks indicates an increased interest in companies associated with blockchain technology. Overall, the digital asset market is resilient despite seasonally low trading volumes in July and August.
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