The cryptocurrency market has been in a slump since 2022. In response to recent price decreases, the majority of institutional investors have sold most of their cryptocurrency holdings.
The cryptocurrency market was upbeat in 2021 and saw more purchases than withdrawals. However, the current market crisis has altered the 2022 picture.
Investment products for Ethereum had a difficult time luring new money last week. This has been the situation since the year 2022 began.
However, according to CoinShares, short-Bitcoin instruments accounted for the majority of last week’s crypto inflows. Additionally, there were inflows of $600,000, $700,000, and $1 million in Cardano, Polkadot, and Solana, respectively.
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After 11 weeks of outflows, Ethereum Records Inflows
Since the beginning of the year, ETH has lost about $451 million. Consequently, ETH underperformed other digital assets.
Last week, though, there was a slight change in attitude. Purchases in Ethereum saw inflows of over $5 million. Suitable value increased attention to short-BTC investment products despite the gloomy market.
Also recording slight inflows were multi-asset investment products, Polkadot (DOT), and Solana (SOL). Additionally, multi-asset partnerships received about $4.4m in new investments.
The last week saw around $64 million come into bitcoin investment products, according to CoinShares. However, short-BTC instruments received the majority of the inflows.
The last week of June saw a sharp increase in outflows from BTC investment products. As a result, the total value of managed foreign digital assets decreased.
The Flow Of People From Other Areas
Not just Sweden had inflows in the previous week. Additionally, managers of cryptocurrency assets in Australia, North America, and Europe noted crypt inflows.
American fund managers saw cryptocurrency inflows of over $46 million. This sum comprises purchases in short-BTC products.
According to the report,
“Outside of the United States, small crypto influx were observed in long investment products. They total more than $20 million and come from Switzerland, Germany, Canada, and Brazil. This demonstrates that buyers are increasing their long positions at the existing trade price for the cryptocurrency.
Additionally, newcomers to the US market could be the cause of the influx into short-BTC. According to the most recent weekly flows, there are approximately $35.4 billion in managed global cryptocurrency transactions.
Additionally, nearly $32 billion has been invested in ETH and BTC products together. However, it’s unclear how this week’s inflows will pan out.