Last week, Crypto investment products ended an outflow strike that had lasted for six weeks after recording more than $160 million in inflows, as per a report by CoinShares.
These inflows are the highest since last July. Crypto-based investments have seen massive outflows since last month, hitting $407 million on March 20. The biggest outflow ($255 million) came in the second week of this month, wiping out the inflows recorded since the start of the year. In addition, that figure represented 1.1% of the entire market.
CoinShares analysts note that the inflows in the crypto investment products came somewhat late compared to the wider crypto market, stating that it could be due to rising fears among investors over the uncertainty in the banking industry.
Flows by Assets
Bitcoin-based investment products saw the most substantial inflows, valued at $127 million. That’s nearly 81% of the total amount.
Short Bitcoin-based investment products came in second with $30.7 million, while Solana ranked third with $4.9 million. It is worth noting that Short Bitcoin posted considerable inflows during the 6-week outflow strike. Meaning the investment product saw the most inflows since the start of the year.
Polygon and Ripple recorded inflows valued at $1.9 million and $1.2 million, respectively.
Meanwhile, Ethereum-based investment products posted outflows worth $5.2 million, marking the 3rd straight week of outflows for these products. CoinShares said this trend could be due to investors’ anxiety ahead of the Shanghai upgrade slated for April 12.
Flows by Providers
In terms of the inflows recorded by providers, ProShares led the rest after posting $68 million in inflows. That figure accounts for 43% of the total amount.
Further, 21Shares ranked second with $17.8 million in inflows, while 3iQ came in third with inflows valued at $16.7 million.
Meanwhile, CoinShares XBT and CoinShares Physical collectively saw $8.7 million in outflows, while Purpose lost $1.3 million.
CoinShares Report Shows Americans Invested the Most
The report indicates that US investors accounted for most of the inflows after contributing $69 million. Germans were second after injecting $57 million, while Canadian and Switzerland investors contributed $26 million and $16.5 million, respectively.
The post Crypto Investment Products Post Over $160M in Inflows, Ending a 6-Week Negative Strike appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/crypto-investment-products-post-160m-inflows-ending-6-week-negative-strike/
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