Logo
Cardano Ecosystem

AMBCrypto

02/07/2023

·

257 views


Interest in digital assets unabated with multiple weeks of consecutive inflows: Report

Digital asset investment products logged the fourth week of consecutive inflows last week. There has been a significant increase in investments in short-bitcoin, indicating that a substantial number of...

Interest in digital assets unabated with multiple weeks of consecutive inflows: Report
  • Digital asset investment products logged the fourth week of consecutive inflows last week.
  • There has been a significant increase in investments in short-bitcoin, indicating that a substantial number of investors remain uncertain about the future trajectory of the market.

Inflows into digital asset investment products totaled $76 million last week, bringing the fourth consecutive week of inflows to $230 million, CoinShares found in a report on 6 February.

Last week’s inflow represented a 35% decline from the $117 million recorded in inflows the previous week.

Source: Coinshares

Coinshares noted that the consistent increase in inflows into digital assets marked a distinct shift in investor sentiment for the start of 2023. It said:

“Digital asset investment products saw inflows totaling US$76m last week, the 4th consecutive week of inflows with year-to-date inflows now at US$230m, highlighting a decisive change in investor sentiment for the beginning of 2023.” 

“Put your money where your mouth is,” Bitcoin says

According to Coinshares, investors mostly directed their attention towards Bitcoin [BTC] during the week, with inflows totaling $69 million. This accounted for 90% of the total inflows recorded last week.

Coinshares found that a substantial interest in BTC was predominantly observed in the US, Canada, and Germany, with inflows of $38 million, $25 million, and $24 million, respectively.

While BTC remained the primary focus, inflows into short-Bitcoin reached $8.2 million during the same time frame. Coinshares opined that this meant that the market remained unsure of a continued rally in BTC’s price.

“The rest of the inflows were from short-Bitcoin, which totaled US$8.2m over the same period, highlighting opinion remains divided over the sustainability of this rally.” 

Despite being relatively small compared to the long-Bitcoin inflows, the inflows into short-Bitcoin accumulated to $38 million over the past three weeks and comprised 26% of the total assets under management. Nevertheless, the short-Bitcoin trade had yet to be successful year-to-date, with the total short-Bitcoin assets under management declining by 9.2%.

Source: Coinshares

The altcoins did their part

Per Coinshares, Ethereum [ETH] saw only $700,000 of inflows last week, despite the improving clarity around making previously staked ETH coins available with the scheduled Shanghai upgrade.

Other altcoins, such as Solana [SOL], Cardano [ADA], and Polygon [MATIC], also saw minor inflows of $500,000, $600,000, and $300,000, respectively.

Source: Coinshares

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.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on AMBCrypto

ORIGINAL SOURCE

https://ambcrypto.com/interest-in-digita...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from AMBCrypto

See more
USDT leads the way as stablecoin inflows cross $400M
AMBCrypto
USDT leads the way as stablecoin inflows cross $400M

01/31/2024

·

78 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)