According to CoinShares, Europe’s largest digital asset fund manager, digital asset investment products suffered outflows for the third week in a row, this time totaling US$28 million.
Bitcoin experienced the most withdrawals, but multi-digital asset investment products received inflows of US$3.1 million, putting them in the black.
According to CoinShares, bitcoin investment products experienced outflows of US$24 million last week, the highest since mid-June. Year-to-date, Bitcoin’s net flow has been positive, with inflows of US$4.1 billion.
Last week, there were outflows of US$7.3 million from Ethereum investment products. CoinShares Investment Strategist James Butterfill commented, “Flows were fairly uneven among providers with no obvious regional pattern.”
Multi-asset investment products, which account for 18 percent of assets under management, are the only crypto investment products that have seen weekly inflows this year, according to Butterfill.
Last week, XRP received US$0.7 million in inflows, while Cardano received US$1 million in withdrawals.
The cryptocurrency market remained devoid of activity. The value of digital asset investment product trading turnover remained low last week, at US$1.7 billion, representing only 22% of May’s high levels.
With withdrawals of US$20.6 million, Europe-based CoinShares experienced the greatest outflows among fund providers, while Grayscale, the world’s largest digital asset manager, reported tiny inflows of US$2.5 million. Grayscale now manages a total of $33.6 billion in assets.
The number of ETFs seeking approval by the Securities and Exchange Commission in the United States continues to rise. Goldman Sachs filed an application with the Securities and Exchange Commission this week for its “Goldman Sachs Innovate DeFi and Blockchain Equity ETF,” an exchange-traded fund that will provide exposure to publicly-listed companies in blockchain and decentralised finance across developed and emerging markets.