Cryptocurrency investment products saw inflows of US$95 million last week, with total inflows over the past six weeks of US$320 million, according to digital assets fund manager CoinShares.
- “The continued inflows suggest the recent headwinds for digital assets, such as the widened China ban, were seen as buying opportunities for investors,” wrote CoinShares investment strategist James Butterfill.
- Bitcoin led with inflows of US$50 million — the largest among the cryptocurrency investment products tracked, despite experiencing negative investor sentiment over the past two quarters.
- Ethereum followed Bitcoin with inflows of US$29 million last week. “Sentiment has remained relatively buoyant for Ethereum as the amount staked to Eth2.0 progresses,” Butterfill wrote. “By our estimates, 6.6% of Ethereum is staked to Eth2.0, with growth in staking essential for investor sentiment, as investors see it as a potential environmentally alternative to other proof-of-stake digital assets.”