The total value of global crypto assets under management dropped below $30 billion last week after digital asset investment products witnessed outflows of approximately $9 million. Bitcoin remained the worst-performing digital currency last week as more than $15 million worth of investment left BTC products.
Ethereum, on the other hand, saw a minor shift in sentiment as ETH products attracted $3 million in weekly inflows. Global digital asset management companies now have more than $8 billion worth of ETH assets under management.
“Digital asset investment products saw minor outflows last week totaling US$9m last week with volumes at US$1bn, 55% off the year average and the 2nd lowest this year, suggesting low participation from investors at present. The summer doldrums persist for now. Regionally, the outflows were focused on the US, Germany & Sweden totaling US$10m, US$2.4m and US$2.1m, respectively. While minor inflows were seen in Brazil and Switzerland totaling US$2.5m and US$1.9m, respectively,” CoinShares highlighted in its weekly crypto flows report.
“Bitcoin, where the mild negative sentiment has been focused, saw a third consecutive week of outflows totaling US$15m. Short-bitcoin saw very minor inflows totaling US$0.2m over the same period,” the report added.
Altcoins
Among altcoins, Cardano and XRP saw decent inflows in the last week. However, outflows from Solana (SOL) investment products spiked during the mentioned period. In terms of price action, Solana has lost almost 20% of its value within the last seven days. BNB and XRP showed resilience against the latest downtrend in the past week.
“Solana saw outflows for a second week totaling US$1.4m. Blockchain equities experience similar mild negative sentiment with outflows totaling US$1.6m last week,” CoinShares highlighted.
On Monday, the overall market cap of cryptocurrencies dropped below $1 trillion. ETH’s market cap plunged below $200 billion while Bitcoin managed to stay above the total market capitalization of $400 billion.
