Bitcoin captures 99% of new crypto investments, Ether outflow continues

abdelaziz Fathi

Crypto investment products recorded $137 million in inflows last week, adding to the impressive influx of $742 million over the past four weeks. However, the positive sentiment didn’t flow through into Ether investments.

Out of that amount, inflows into Bitcoin stood at $140 million while its AuM rose $25.3 billion, according to CoinShares’ report.

These recent figures represent the most substantial run of inflows since the final quarter of 2021, with institutional investors from North America accounting for two thirds of the new investments in the crypto market.

Among all digital assets, Bitcoin-related products were the primary target for inflows, dominating the weekly tally with a 99 percent share of total investment.

Meanwhile, short bitcoin investment products experienced outflows for the 12th consecutive week, totaling $3.2 million. As a result, the AuM on short-Bitcoin now stands at $138 million, way below the record high of $198 million in April.

Despite the recent price surge of Ethereum, the asset did not capture new investments and instead saw outflows of $2 million last week. This positions Ethereum as the asset with the highest outflows year-to-date, demonstrating less of an appetite for the second largest cryptocurrenct than bitcoin so far.

Among other altcoins, Solana, Polygon, and Litecoin observed minor inflows of $0.5 million, $0.5 million, and $0.3 million, respectively. According to James Butterfill, head of research at CoinShares, this trend suggests that crypto investors are opting for more selective investments.

Breaking down the latest statistics, Coinshares said the aggregate data masks a significant regional polarization of views. In particular, the majority of inflows were concentrated in North America, with the United States and Canada receiving inflows of $109 million and $28 million, respectively. Europe, on the other hand, experienced minor outflows, with the exception of minor inflows in Switzerland.

Trading volumes on digital asset investment products remain significantly higher than the yearly average of $1.4 billion, reaching $2.3 billion for the previous week. These volumes are currently constituting a larger proportion of total crypto volumes, accounting for 11% compared to the average of 2%.

CoinShares is Europe’s largest digital asset investment firm. The company reported its Q1 combined revenue at £9.4 million, down 48 percent from Q1 2022’s £18 million. Additionally, the figure was down by 35 percent when weighed against £14.5 million in the Q4 of 2022. Gains and other income also halved to £5.9 million from £11.2 million a year earlier.

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