For the third consecutive week, digital asset investment products last week saw outflows — this time, to the tune of US$28 million, according to CoinShares, Europe’s largest digital assets fund manager.

Bitcoin saw the majority of outflows, but multi-asset investment products remained positive with inflows of US$3.1 million.

Fast facts

  • Bitcoin investment products saw US$24 million in outflows last week, the largest since mid-June, CoinShares reported. Bitcoin’s net flow year-to-date remains postive with inflows of US$4.1 billion.
  • Ethereum investment products saw outflows of US$7.3 million last week. “Flows were very mixed amongst providers with no discernible regional trend,” wrote CoinShares Investment Strategist James Butterfill.
  • Multi-asset investment products — representing 18% of assets under management — are the only crypto investment products with inflows every week this year, Butterfill wrote.
  • XRP saw US$0.7 million of inflows while Cardano saw outflows of US$1 million last week.
  • The crypto trading market remained quiet. Investment product trading turnover remains low at US$1.7 billion last week, representing 22% of May’s high volumes.
  • Europe-based CoinShares saw the most outflows among fund providers with outflows of US$20.6 million, while U.S.-based Grayscale — the world’s largest digital asset manager — saw minor inflows of US$2.5 million. Grayscale currently has US$33.6 billion in assets under management.
  • The list of ETFs awaiting the U.S. Securities and Exchange Commission’s approval continues to grow. Investment banking giant Goldman Sachs this week filed an application with the SEC for its “Goldman Sachs Innovate DeFi and Blockchain Equity ETF” — a exchange-traded fund that will offer exposure to publicly-listed companies in blockchain and decentralized finance across developed and emerging markets.

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