According to the latest weekly report from CoinShares, cryptocurrency investment products recorded a small net inflow last week, with a total of 6 million dollars flowing into the market.
The data reflects the instability occurring among investors, with significant changes in sentiment between regions and among individual cryptocurrencies. Despite a relatively stable start to the week, broader macroeconomic data, particularly from the United States, has had a pronounced impact on cash flow.
U.S. Cryptocurrency Outflows Lead the Week, While European Sentiment Remains Positive
CoinShares' Head of Research, James Butterfill, noted that the release of U.S. retail data "was stronger than expected" midweek coincided with significant outflows. As a result, despite early inflows, midweek saw a withdrawal of $146 million, erasing much of the previous gains.
The regional trend is particularly mixed. The United States leads the outflow of funds weekly, with investment products based in this country witnessing a net withdrawal of $71 million.
In contrast, the European market continues to maintain a more positive outlook. Switzerland witnessed an inflow of $43.7 million, Germany came second with $22.3 million, and Canada added $9.4 million, highlighting the regional differences in cryptocurrency investment behavior.
Bitcoin remains the focal point of fund movement throughout the week. The cash flow this week signals opposing views among investors, ultimately ending with a small outflow of 6 million dollars. Bitcoin short-selling products also continued to decrease, with a cash outflow of 1.2 million dollars last week.
This is the seventh consecutive week of money flowing out of short positions, bringing the total amount withdrawn from these products to $36 million. According to CoinShares, this figure now accounts for approximately 40% of total assets under management (AUM) in short Bitcoin investment vehicles.
Ethereum Continues to Face Pressure, While XRP Maintains Upward Trend
Ethereum is facing continuous withdrawal issues, continuing a trend that has lasted for eight weeks. The asset experienced an additional $26.7 million in withdrawals last week, bringing the total outflow of cryptocurrency since the start of the recent chain to $772 million.
Despite this continuous pressure, Ethereum still maintains its position as the second highest in terms of inflows in the year (YTD), recording a net inflow of 215 million dollars so far in 2024. This indicates that although the recent sentiment has cooled, long-term interest remains relatively strong.
In contrast, XRP recorded a notable weekly inflow of $37.7 million. This recent performance has propelled the token to the third position in year-to-date inflows, only behind Ethereum, with a total net inflow of $214 million since the beginning of the year.
The resilience of cryptocurrency against the overall market instability has been reflected in the recent behavior of funds and continues to attract attention from investors allocating capital into a diverse cryptocurrency asset portfolio.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
XRP rise in weekly cryptocurrency flows as Ethereum continues to trend downward
According to the latest weekly report from CoinShares, cryptocurrency investment products recorded a small net inflow last week, with a total of 6 million dollars flowing into the market. The data reflects the instability occurring among investors, with significant changes in sentiment between regions and among individual cryptocurrencies. Despite a relatively stable start to the week, broader macroeconomic data, particularly from the United States, has had a pronounced impact on cash flow. U.S. Cryptocurrency Outflows Lead the Week, While European Sentiment Remains Positive CoinShares' Head of Research, James Butterfill, noted that the release of U.S. retail data "was stronger than expected" midweek coincided with significant outflows. As a result, despite early inflows, midweek saw a withdrawal of $146 million, erasing much of the previous gains. The regional trend is particularly mixed. The United States leads the outflow of funds weekly, with investment products based in this country witnessing a net withdrawal of $71 million. In contrast, the European market continues to maintain a more positive outlook. Switzerland witnessed an inflow of $43.7 million, Germany came second with $22.3 million, and Canada added $9.4 million, highlighting the regional differences in cryptocurrency investment behavior.
Bitcoin remains the focal point of fund movement throughout the week. The cash flow this week signals opposing views among investors, ultimately ending with a small outflow of 6 million dollars. Bitcoin short-selling products also continued to decrease, with a cash outflow of 1.2 million dollars last week. This is the seventh consecutive week of money flowing out of short positions, bringing the total amount withdrawn from these products to $36 million. According to CoinShares, this figure now accounts for approximately 40% of total assets under management (AUM) in short Bitcoin investment vehicles. Ethereum Continues to Face Pressure, While XRP Maintains Upward Trend Ethereum is facing continuous withdrawal issues, continuing a trend that has lasted for eight weeks. The asset experienced an additional $26.7 million in withdrawals last week, bringing the total outflow of cryptocurrency since the start of the recent chain to $772 million. Despite this continuous pressure, Ethereum still maintains its position as the second highest in terms of inflows in the year (YTD), recording a net inflow of 215 million dollars so far in 2024. This indicates that although the recent sentiment has cooled, long-term interest remains relatively strong.
In contrast, XRP recorded a notable weekly inflow of $37.7 million. This recent performance has propelled the token to the third position in year-to-date inflows, only behind Ethereum, with a total net inflow of $214 million since the beginning of the year. The resilience of cryptocurrency against the overall market instability has been reflected in the recent behavior of funds and continues to attract attention from investors allocating capital into a diverse cryptocurrency asset portfolio.