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Bitcoin Gains Inflows Amidst ‘Apathetic’ Market Condition: CoinShares

2 years ago CryptoExpert
Bitcoin’s Fees Explode Amid BRC-20 Memecoin Mania, Miners Benefit

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Outflows have significantly slowed down, with bitcoin products showing resilience amidst a flatlined market trend. According to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report,’ there is a glimmer of hope that negative sentiment may be starting to shift, as highlighted by the firm’s Head of Research, James Butterfill.

Butterfill observed that this year has been marked by significant fluctuations in investor flows, primarily influenced by the expectations and apprehensions surrounding digital asset regulation. The previous week serves as an illustration of this, as investors began with high hopes for a spot ETF approval in the US following Grayscale’s victory, only to be disappointed by the announcement of a delay for all other spot ETF applications.

Is Negative Sentiment on The Turn?

CoinShares’ report suggests that digital asset investment products recorded modest outflows totaling $11.2 million. As a result of the ongoing period of negative sentiment, outflows added up to a total of $342 million over the past seven weeks.

Bitcoin recorded weekly inflows of $3.8 million, while short BTC saw outflows for its 19th consecutive week totaling $3.3 million, with total assets under management (AuM) down by 48% from this year’s peak.

Altcoins witnessed significant outflows. Polygon and Ethereum were most hit by the outflows, registering $8.6 million and $3.2 million, respectively. Solana has emerged as the “most loved” altcoin amongst investors, maintaining inflows for the ninth consecutive week, with a total accumulation of $0.7 million. This streak has enabled the token to capture year-to-date (YTD) inflows amounting to $26 million.

Despite relatively little activity in terms of flows, trading volumes were substantially higher than the year-to-date average, reaching a total of $2.8 billion for the week, which is 90% above the YTD norm.

Hope Amidst Doldrums in Bitcoin Market

Though the current market condition may currently seem apathetic, Butterfill suggests there are reasons for optimism. In a different blog post, the executive of the digital asset manager highlighted that long-term trends point towards rising volumes while short-term data signal a resurgence is underway.

He also noted that investors appear to be diversifying their activities away from the United States, diminishing its substantial 90% market share at the beginning of the year to 60% as of today.

“Moreover, while Bitcoin’s trading volumes may seem lackluster, they still surpass those of the London Stock Exchange, the sixth-largest stock exchange in the world.”

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