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Investors Put Less Money Into Crypto Funds Last Week as Bitcoin Market Stagnated
Last week's drop in crypto investment inflows to a fourth of the prior week's pace came as prices retreated in prices for bitcoin and other digital assets.
Inflows to crypto asset funds fell last week to the lowest since early this year, just as bitcoin, ether and other cryptocurrencies retreated from all-time high price levels, according to CoinShares.
STORY CONTINUES BELOW
- Inflows dropped to $108 million during the week ended March 5, the lowest since early January, and down from about $400 million the prior week.
- Bitcoin-focused products accounted for 90% of crypto fund inflows last week, with minor inflows to Ethereum and Polkadot investment products, according to CoinShares.
- Despite a quiet week, net flows so far this quarter – just two-thirds of the way through the three-month period – have already matched the total for Q4 2020.
- Investment products now represent 7% of bitcoin trading volumes in 2021 compared with 4% in 2020, according to CoinShares.
- According to a separate report by CryptoCompare, digital assets under management for exchange-traded products (ETPs) doubled to $43.9 billion in February, with a majority of assets residing in Grayscale's Bitcoin Trust (GBTC).
- Last week, CoinShares launched a physically backed Ethereum ETP on the Swiss SIX exchange under the ticker "ETHE."
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
