CoinShares, a cryptocurrency asset management company, released a report on Monday stating that the net inflow of digital asset investment products last week amounted to $441 million. The report mentioned that the recent price weakness caused by the selling pressure from Mt.Gox and the German government could be seen as a buying opportunity. CoinShares also noted that the trading volume of these exchange-traded products (ETPs) was relatively low last week, totaling $7.9 billion, reflecting the typical seasonal pattern of lower trading volume during the summer.
Source:
CoinShares
In terms of geographical distribution, the majority of the inflow came from the United States, reaching $384 million. However, there were also opportunistic buyers from many countries, with the most notable ones being Hong Kong, Switzerland, and Canada, with net inflows of $32 million, $24 million, and $12 million, respectively. Germany was an exception, recording a net outflow of $23 million.
Source:
CoinShares
In terms of asset categories, the net inflow of Bitcoin-related investment products amounted to $398 million. However, unusually, it only accounted for 90% of the total inflow, as investors chose to invest in a wider range of altcoin products. The most noteworthy one was Solana, which had a net inflow of $16 million last week, bringing the total inflow for the year to $57 million. CoinShares stated that, from the perspective of inflows, it was the best-performing altcoin.
The sentiment around Ethereum seemed to have improved, recording a net inflow of $10 million. However, it remained the only ETP that showed a net outflow since the beginning of the year.
Source:
CoinShares
The report from CoinShares also pointed out that this sentiment was not reflected in blockchain stocks, as blockchain stocks further saw an outflow of $8 million last week, bringing the total net outflow for the year to $556 million.
