Crypto Investment Products See $147M Inflow After 3-Week Flow
Crypto investment company CoinShares has posted a record high for its cryptocurrency investment products last week after several weeks of significant earnings.
In its latest Digital Asset Fund Flows Weekly Report on October 7, CoinShares revealed that digital asset investment products saw $147 million in outflows in the week from September 29 to October 5.
In the one week period from September 22 to September 28, the flow of nearly $2 billion was poured into crypto products, with revenues of about $1.2 billion.
CoinShares said last week's inflows were driven by better-than-expected economic data, which “reduced the possibility of a significant price drop” in the near term.
Transaction volumes increased slightly by 15 percent. […] For the week in ETP investment products, we saw lower volume in the broader crypto markets,” said James Butterfill, head of research at CoinShares.
Multi-coin products will see $29 million in revenue, with Bitcoin outpacing it
According to CoinShares, Bitcoin (BTC) investment products led the trading activity last week, with investors losing $159 million.
Ether (ETH)-based products, the second-largest cryptocurrency by market value, saw $28.9 million in outflows, following a negative trend since the launch of ETH exchange-traded funds in the United States in July.
Asset Flow (in millions of US dollars). Source: CoinShares
On the other hand, multi-asset investment products brought in $29 million last week, marking the 16th consecutive week of inflows.
Related: US Jobs Report Shows Fewer Price Cuts, Still for BTC: Grayscale
According to CoinShares, multi-asset products have reached $431 million over the past 16 weeks, representing 10% of assets under management.
“Since June, multi-asset products have been popular with investors who prefer to invest in a diversified basket rather than individuals,” added CoinShares' Butterfill.
This is a developing story, and more information will be added as it becomes available.
Magazine: Will Satoshi be doxxed? Banks join SWIFT digital asset trials and more: Hodler's Digest, September 29 – October 4
