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According to CoinShares’ latest weekly report, crypto investment products registered slight net inflows last week, with a total of $6 million entering the market.
The figures reflect ongoing uncertainty among investors, with notable variations in sentiment both across regions and among individual crypto assets. Despite a relatively stable start to the week, broader macroeconomic data, particularly from the US, had a visible impact on fund flows.
US Crypto Outflows Lead the Week, While European Sentiment Remains Positive
CoinShares’ Head of Research, James Butterfill, noted that the release of “stronger-than-expected “US retail sales data mid-week coincided with a significant capital outflow. As a result, although there were early inflows, mid-week saw a pullback of $146 million, erasing much of the earlier gains.
Regional trends were particularly mixed. The United States led the weekly outflows, with investment products domiciled in the country seeing a net withdrawal of $71 million.
By contrast, European markets maintained a more positive outlook. Switzerland saw inflows of $43.7 million, Germany followed with $22.3 million, and Canada added $9.4 million, highlighting regional divergence in crypto investment behavior.
Bitcoin remained the focal point of fund movement throughout the week. Intra-week flows signaled conflicting views among investors, ultimately concluding with minor outflows totaling $6 million. Short Bitcoin products also saw continued reductions, with $1.2 million in outflows last week.
This marks the seventh consecutive week of outflows for short positions, bringing the cumulative withdrawal from these products to $36 million. According to CoinShares, this now accounts for approximately 40% of total assets under management (AUM) in short Bitcoin investment vehicles.
Ethereum Sees Continued Pressure, While XRP Maintains Upward Trend
Ethereum faced ongoing outflows, continuing an eight-week trend. The asset experienced a further $26.7 million in withdrawals last week, bringing total crypto outflows since the start of the recent streak to $772 million.
Despite this consistent pressure, Ethereum still holds the second-highest position in year-to-date (YTD) fund flows, recording $215 million in net inflows so far in 2024. This indicates that while recent sentiment has cooled, longer-term interest remains comparatively strong.
In contrast, XRP recorded notable weekly inflows of $37.7 million. This recent performance has elevated the token to third place in YTD fund flows, just behind Ethereum, with a total of $214 million in net inflows since the beginning of the year.
Thecrypto’s resilience in the face of broader market uncertainty has been reflected in recent fund behavior and continues to draw attention from investors allocating capital to diversified crypto asset portfolios.
Featured image created with DALL-E, Chart from TradingView
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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