Connect with us
Active Currencies 14420
Market Cap $2,672,701,416,965.00
Bitcoin Share 49.79%
24h Market Cap Change $-1.98

Digital assets report: Price rally ignites FOMO frenzy

2min Read

Share this article

  • Last week’s minor price rally caused inflows into Bitcoin and Ethereum investment products to jump.
  • Short-bitcoin, on the other hand, saw its 10th week of consecutive outflows. 

Inflows from digital asset investment products totaled $125 million last week, bringing the second consecutive week of inflows to $334 million, CoinShares found in a new report

According to the digital assets investment firm, last week’s inflows represented almost 1% of all assets under management (AuM). As Bitcoin [BTC] rallied to the $30,000 price point while leading altcoin Ethereum [ETH] and other alts posted minor gains, the value of Aum closed the trading week at $37 billion, its highest since June 2022. 

Source: Coinshares

The report confirmed further that trading activity in digital asset investment products in the just concluded week remained high, with a weekly volume of $2.3 billion. This trading volume was above the year-to-date (YTD) average of $1.5 billion, indicating that increased buying and selling of digital assets within these investment products occurred last week.

Bitcoin saw some juice

According to CoinShares,

“Bitcoin remained the primary focus of investors.”

The king coin logged inflows that totaled $123 million last week. This accounted for 98% of the total inflows recorded during that period. This inflow brought the leading coin’s YTD inflows to $158 million, with an AuM of $25 billion. According to the report,

“Bitcoin investment products are now back to a net inflow year-to-date, having been in a net outflow position of US$171m just 2 weeks ago.”

On the other hand, short-bitcoin investment products saw an outflow of $900,000 last week, representing ten weeks of consecutive outflows. According to CoinShares, this accounted for 59% of investment products’ AuM. However: 

“Despite this recent bearishness for short-bitcoin, it remains the second best-performing asset in terms of inflows year-to-date at US$60m.”

Source: Coinshares

ETH gained, while some alts tumbled

Per CoinShares, investors showed some interest in altcoins during the period under review, with minor outflows of $2.7m into Ethereum investment products. 

Last week, other altcoins, such as Cardano [ADA], and Ripple [XRP], registered inflows of $900,000 and $400,000, respectively. According to CoinShares,

“Multi-asset and Solana saw minor outflows of US$1.8m and US$0.8m, respectively.”

Source: Coinshares

Regarding blockchain equities, CoinShares found:

“Blockchain equities saw inflows of US$6.8m following a 9-week run of outflows.”

Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.