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Digital Asset Funds, Especially Ethereum, Post Largest Inflow Since February
Ether attracted $30 million of inflows during the seven days through April 30.
Updated Mar 6, 2023, 3:17 p.m. Published May 4, 2021, 6:38 p.m.
Inflows to digital asset investment products rose to $489 million last week. That’s a roughly $487 million increase from the prior week and marks the largest inflows since February 2021.
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Ether (ETH) attracted $30 million of inflows during the seven days through April 30, bringing the total assets under management to a record $13.9 billion, according to a new report by CoinShares published on Tuesday.
- “The high inflows concealed varied flows amongst providers, with many seeing outflows in Europe while their North American peers saw strong inflows,” wrote CoinShares.
- The greatest inflows were into bitcoin (BTC) with $442 million. Ripple (XRP), polkadot (DOT), Binance coin and cardano (ADA) products had minor inflows while multi-asset investment products saw inflows of $9.2 million last week.
- Bitcoin cash (BCH) saw outflows of $1.7 million last week, representing 10% of total assets under management.
- Regarding the variation in digital asset inflows, CoinShares stated, “We believe some investors are beginning to take more opportunistic positions after having range traded since February, while others have capitulated and taken profits.”
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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