According to a recent report from the digital asset managing platform Coinshares, a total of $141 million was moved by investors from Digital Asset products. This comes as a result of the recent market Volatility.
Key takeaways from the report
$154 million outflows were recorded in Total assets under management (AUM), the lowest point since July 2021. Ongoing market volatility has led to fickle investors with some seeing this as an opportunity while the aggregate sentiment is predominantly bearish.
Bitcoin was again the primary focus with a swing from inflows the prior week to outflows totalling $154 million last week. Year-to-date and month-to-date flows remain net positive at $307 million and $187 million respectively. Short bitcoin saw outflows totalling $1.1 million last week.
Multi-asset (multi-crypto) investment products remain the stalwarts with total inflows of $9.7 million last week. Inflows year-to-date represent 5.3% ($185 million) of AuM.
The investment products have seen only two weeks of outflows this year, much lower relative to its peers. Minor inflows were recorded across a broad selection of altcoins, most notable were Cardano and Polkadot with inflows totalling US$1 million each.
Blockchain equity investment products saw $20 million outflows, suffering in-line with the broad sell-off in equities. Meanwhile, the crypto market seems to be recording an upward correction, as Bitcoin recovers.
Crypto Market seems to be correcting
Things are starting to move in a positive direction as Bitcoin price increased around 3 per cent in the last 24 hours. Over the last 10 days, BTC has traded flat, consolidating around the $30,000 level.
Bitcoin is currently trading at $30,474.36, up by 3.60%. In the last 24 hours, the highest it touched was $30,590.59 and the lowest was $29,414.63. Bitcoin has a current market cap of $580,461,230,202.
It has a circulating supply of 19,047,093.00. BTC coins have a maximum supply of 21,000,000 coins. The total crypto market cap is moving in a bullish direction as well.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.