Crypto assets see inflows first time in 6 weeks

Concerns regarding a possible US government shutdown catalyzed purchases of cryptocurrency investment products between Sept. 23 and 29. 

According to CoinShares, the inflow to digital asset investment products reached $21 million last week. Experts indicated that the main activity occurred at the end of the week before the end of the financial year. At that time, there was still no certainty regarding the distribution of budget funds to continue the work of the departments.

“The recent regional divergence persists, with the US seeing outflows totaling US$19m last week, while Europe and Canada saw inflows of US$23m and US$17m, respectively.”

CoinShares report

Bitcoin (BTC) funds recorded an inflow of $20.4 million after an outflow of $6 million in the previous reporting period. From structures that allow opening shorts on the first cryptocurrency, investors withdrew $1.5 million (a week earlier, $2.8 million).

Altcoin-based products showed mixed dynamics. In Ethereum (ETH) funds, investors released $1.5 million, the previous week – $2.2 million. Solana (SOL) based products raised $5.1 million.

Europeans invested in crypto products last week but were unable to reverse the negative trend. According to a CoinShares report, investors have withdrawn $294 million from the industry since the beginning of the year.

In the reporting period, the outflow reached $9 million, while trading volume reached $820 million, which is significantly lower than the average for the year ($1.3 billion).

Follow Us on Google News