Investment products for bitcoin and altcoins had a positive vibe last week with a total inflow of $57 million, bringing fund flows back to a net entry position year-to-date. Despite the positive mood, volumes remained low at $970 million for the week. Bitcoin exchanges also reflected this trend, with volumes totaling $18 billion year-to-date (YTD), just 25 percent of the average. Here are the details…
CoinShares report: What is the latest in Bitcoin and altcoin funds?
Cryptocurrency asset platform CoinShares has released its weekly report. The report included cryptocurrencies and funds that saw the most entries and exits. In addition, statistics on countries are presented. The United States, for example, led the positive mood this week, with $27 million in entries. Germany, Switzerland, and Canada also experienced inflows of $17 million, $13 million, and $2.2 million, respectively, highlighting the breadth of positive sentiment towards cryptoassets.
The focus was primarily on Bitcoin, which saw $56 million in entries representing 98 percent of all entries. At the same time, short-Bitcoin experienced minor outflows of $0.6 million in total. While the focus is primarily on Bitcoin, seven altcoins have seen minor entries. The most notable were Uniswap with 0.5 million dollars, Polkadot with 0.4 million dollars and Polygon with 0.23 million dollars, respectively. Additionally, XRP has seen some entry as well. However, there was no inflow or outflow of funds for Litecoin (LTC), TRON (TRX), and Solana (SOL) this week.
Despite the Shapella upgrade that took place on the Ethereum network on April 12, the inflows have been relatively small, with $0.6 million. cryptocoin.com As we reported, Ethereum’s network upgrade aims to increase efficiency, reduce fees and pave the way for the transition to proof-of-stake consensus.
How did the stocks move?
Blockchain stocks had a relatively quiet week, with small inflows totaling $2.1 million. According to experts, this is probably because the market is focused on crypto assets and the performance of cryptocurrencies, especially Bitcoin. The positive mood towards cryptoassets reflects the growing interest in cryptocurrencies as a legitimate asset class. Institutions are investing more and more in cryptoassets and this trend is expected to continue.
As it is known, CoinShares Group; Jersey is a Jersey-based crypto-asset investment firm with offices in Stockholm, London and New York. Founded in 2015, CoinShares provides asset management, capital markets, venture capital and advisory services in the crypto-asset industry and manages hundreds of millions of assets on behalf of a global investor base.
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