2021-7-12 20:33 |
The second half of 2021 is having a slow start, with the week ending July 9 being a quiet one, not only in terms of price, which remained between $32,000 and $35,000, but also in terms of flows recorded by crypto investment products.
Digital asset investment products saw minor outflows of just $4 million.
Last week was actually “the quietest trading week since October 2020,” according to a report by digital asset manager CoinShares.
Bitcoin investment products recorded outlaws of a mere $7 million last week, while trading volume was $1.58 billion for the week.
A regional divide in Bitcoin inflows has been seen in recent weeks, with North American providers seeing consistent inflows while their European counterparts continue to see outflows.
Purpose, which launched the first bitcoin ETF of North America and has also launched an Ether ETF, had the largest inflow of $13.1 million. Besides Purpose, 21Shares, Bitwise, and others had minimal net inflows.
While the world's largest digital assets manager, Grayscale, had zero flows, CoinShares, 3iQ, and ETC Issuance all three had net outflows.
It was multi-asset investment products that were the most popular, with inflows totaling $1.2 million.
This is evident from the fact that while the leading cryptocurrency products had outflows, the second-largest crypto, Ethereum, had minor inflows of just $0.8 million.
Multi-asset products’ year-to-date inflows now total $362 million, representing 16.5% of assets under management, proportionally larger than Bitcoin’s 15.6% of AuM and Ethereum’s 9.9% of AuM.
While these inflows remain relatively small in comparison to the top two cryptocurrencies, the data does imply that “investors are increasingly looking to diversify their digital asset holdings.”
When it comes to altcoins, Cardano (ADA) was a particularly attractive option for investors, seeing inflows of $0.6 million
ADA -3.16%
Cardano / USD
ADAUSD
$ 1.30
-$0.04
-3.16%
Volume 1.2 b
Change -$0.04
Open $1.30
Circulating 32.04 b
Market Cap 41.54 b
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. XRP also had $0.6 million inflows
XRP -1.68%
XRP / USD
XRPUSD
$ 0.62
-$0.01
-1.68%
Volume 1.9 b
Change -$0.01
Open $0.62
Circulating 46.17 b
Market Cap 28.75 b
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, while Binance’s native token BNB had $0.4 million worth of inflows
BNB -3.49%
Binance Coin / USD
BNBUSD
$ 311.16
-$10.86
-3.49%
Volume 1.58 b
Change -$10.86
Open $311.16
Circulating 153.43 m
Market Cap 47.74 b
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, and $0.3 million was reported by Polkadot (DOT).
DOT -6.08%
Polkadot / USD
DOTUSD
$ 14.53
-$0.88
-6.08%
Volume 672.98 m
Change -$0.88
Open $14.53
Circulating 974.8 m
Market Cap 14.16 b
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