The crypto market witnessed a strong recovery on Tuesday but not before digital asset investment products experienced large outflows on the last business day of the recent week. According to the weekly digital asset fund flows report published by CoinShares, crypto investment products saw outflows worth $40 million on Friday.
However, the overall flow remained positive. In the recent week, digital asset investment products saw inflows totaling $184 million. Moreover, Bitcoin witnessed inflows worth $145 million. In contrast, ETH-related inflows stood at $25 million.
Similar to Bitcoin, Ethereum’s outflows spiked on Friday. Also, investment products related to the world’s second most dominant crypto asset saw $4.7 million worth of outflows on Friday. Although during last week, Solana (SOL) experienced decent inflows.
“Digital asset investment products saw inflows totaling US$184m last week, with prices in Bitcoin falling 7% over the same period, suggesting investors continue to see recent price weakness as a buying opportunity. Although, the sharp price weakness at the end week did lead to US$40m of outflows late Friday. Crypto asset Bitcoin saw inflows totaling US$145m last week although it suffered at the end of the week with outflows of US$42m on Friday and bore the brunt of investor jitters,” the report noted.
Crypto Trading Volumes
Trading volumes of Bitcoin and other crypto-assets climbed substantially in the last week. On Friday, BTC volumes touched $15 billion, compared to the daily average of $8 billion in November. The latest price volatility played an important role in Bitcoin’s surging trading volumes.
“Polkadot, the coin that helps different blockchains interoperate, saw outflows totaling US$3m last week. The majority of outflows came in the latter half of the week, but it may also be due to uncertainty surrounding the para chain auctions which finalize on 17th December. Solana saw continued inflows totaling US$4.6m for the week, seemingly unaffected by the recent price jitters,” CoinShares added.
