2024-8-13 02:00 |
Latest data from crypto asset manager CoinShares has shown a noticeable comeback in the crypto market. In its latest ‘digital asset fund flows weekly report,’ the asset manager revealed that last week marked a significant uptick in investor confidence, as digital asset investment products saw $176 million in inflows.
According to James Butterfill, head of research at CoinShares, this surge in inflow signals a strong, “unanimous” positive sentiment across the board, with particular attention to Ethereum-based funds.
Dissecting The Crypto Fund FlowsDelving into the report, Butterfill revealed that Ethereum products have “distinctly” stood out, attracting $155 million of the total inflows, the highest year-to-date intake since 2021.
This influx highlights the market’s renewed interest in Ethereum, especially with the recent introduction of spot Ethereum exchange-traded funds (ETFs) in the United States, according to Butterfill.
Notably, the successful live trading of these funds has not only boosted Ethereum’s position in the global crypto market but also appears to have played a pivotal role in the overall increase in its market cap and investment product offerings.
As for Bitcoin, Butterfill revealed in the report that despite seeing outflows earlier in the week, Bitcoin could still end the week with a positive total inflow of approximately $13 million.
On the other hand, Short Bitcoin ETPs, as reported, “saw their largest outflows since May 2023, totaling $16m (23% of AuM), reducing AuM for short positions to its lowest level since the start of the year, indicating a substantial investor exit.”
Furthermore, Coinshares disclosed that despite the initial volatility, the overall market sentiment has been “overwhelmingly” positive. The report highlights that the inflows weren’t just isolated incidents but part of a broader, global positive reception to digital assets.
Notably, regions such as the United States, Switzerland, Brazil, and Canada have been front runners, injecting substantial capital into the market. It is worth noting that this global participation in inflows highlights a collective bullish outlook despite previous major dips.
Market Performances: ETH And BTCBitcoin and Ethereum are struggling to defeat the bears, with both assets still maintaining their price mark above major key levels.
For instance, Ethereum still trades above $2,500 at the time of writing, with a current trading price of $2,689. This price mark comes against the asset’s notable increase of more than 11% in the past week and the extended bullishness of a 1.6% surge in the past day.
Bitcoin has also seen quite a surge in the past week, increasing by 11.4%. Although the asset has witnessed a decline of 0.4% in the past day, it is still maintaining its price below $60,000.
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