Ethereum-linked products saw little investment interest with inflows of around US$300,000 in the week ending April 14, accounting for a tiny portion of the total US$114 million weekly inflow into digital assets and despite the blockchain’s milestone upgrade last week, according to a report from European cryptocurrency investment firm CoinShares.
See related article: Kraken to withdraw US$1.17 bln of staked Ether in line with SEC ruling, settlement
Fast facts
- Total investment in digital asset products reached US$114 million last week, with Bitcoin getting the lion’s share of US$104 million, according to the report. It was the fourth week in a row of inflows.
- “This four-week run of inflows now total US$345 million, almost fully correcting the prior six-week run of outflows that totalled US$408 million,” the CoinShares report said. “We believe this is a flight to safety by investors fearful of the ongoing traditional finance challenges.”
- Developers of the Ethereum blockchain on April 12 updated the network with new features including allowing the withdrawal of staked Ether. Such tokens were deposited to support the operations of the Ethereum blockchain, the world’s second-biggest, in return for a passive income, usually in the form of more tokens.
- However, data from on-chain analysis company CryptoQuant showed during the period between April 13 and 17, cryptocurrency exchanges saw a net inflow of about 131,395 Ether (US$273.3 million), compared to the more than 1.46 million Ether in total transferred to the exchanges, a move typically indicating selling intention from crypto holders.
- Analysts at crypto research firm Kaiko said on Monday that the ETH-USD pair on crypto exchange Coinbase has seen more sell orders than buys since the upgrade.
- As of Tuesday noon in Hong Kong, around 1.06 million Ether have been withdrawn since the Wednesday upgrade with 465,940 Ether deposited, according to data from Token Unlocks.
- Ether edged down 0.88% in the past 24 hours to change hands at US$2,080, but rose 8.24% in the past seven days, according to data from CoinMarketCap. Bitcoin fell 1.73% in the last 24 hours to trade at US$29,464, logging a 2.1% weekly drop.
See related article: Ethereum Shanghai upgrade prompts Ether withdrawals, but no stampede for exits
