Cryptocurrency data for institutional investors draws attention. In this article, we will examine the weekly data of CoinShares, which offers funds specifically for altcoins such as MATIC and SOL. Here are the details…
MATIC, SOL, LTC: What is the corporate feeling?
According to the latest weekly report from CoinShares, cryptocurrency investment products pointed to an improvement in sentiment towards the asset class, with a total inflow of $114 million last week. This marks 4-week entries, currently totaling $345 million, and almost completely neutralizes the previous 6-week totals of $408 million. The report shows that investors are predominantly focused on Bitcoin, with a total of $410 million in entries last week, with $104 million in entries last week.
Despite the successful launch of Ethereum’s yield features Shapella, only $0.3 million in inflows were seen last week and very little activity was reported in altcoins, with the exception of Polygon (MATIC), which saw $2.1 million exit. Fund outflows were also seen in Solana, while inflows of 0.1, 0.1 and 0.2 million dollars were recorded in XRP, Cardano and Litecoin, respectively. There were also entries in short BTC. There was no entry or exit in TRX and BNB. Blockchain stocks also saw $5.8 million in inflows last week, with the latest price increase pushing total assets under management to $1.9 billion, the highest since October 2022 before FTX.
Regionally, inflows were seen in most geographies, but predominantly in the US and Germany of $58 million and $35 million, respectively. This improvement in sentiment coincides with a period when volumes in the Bitcoin market were very low, averaging just $5.6 billion per day compared to $12 billion for the full year.
Opinions on BTC are uncertain
While many believe Bitcoin is enjoying a safe flight from investors fearing ongoing traditional finance challenges, opinions are divided, with short Bitcoin seeing a total of $14.6 million inflows last week. However, recent entries may have helped Bitcoin keep its price above $30,000.
CoinShares weekly report shows that investor sentiment towards cryptoassets is on the rise; for the four weeks in a row total entries reached $345 million, almost completely smoothing out the previous six weeks of exits. This indicates that the asset class may have regained interest from investors who have regained their confidence in the market. Despite the positive news, there are still concerns about the sustainability of the current uptrend given the low trading volumes in the Bitcoin market.
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