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Home»Bitcoin»Digital asset report: price rally ignites FOMO frenzy
Bitcoin

Digital asset report: price rally ignites FOMO frenzy

2023-07-04No Comments2 Mins Read
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  • Last week’s small price rally caused inflows into Bitcoin and Ethereum investment products to jump.
  • Short bitcoin, on the other hand, saw its 10th week of consecutive outflows.

Digital asset investment product inflows topped $125 million last week, marking its second consecutive week of inflows at $334 million, CoinShares found in a new report.

Last week’s inflows represented nearly 1% of all assets under management (AuM), according to the digital asset investment firm. Like bitcoin [BTC] rallied to the $30,000 price while leading altcoin Ethereum [ETH] and other alts posted small gains, as Aum’s value closed out the trading week at $37 billion, its highest since June 2022.

Source: Coinshares

The report further confirmed that trading activity in digital asset investment products remained high in the just-closed week, with weekly volume reaching $2.3 billion. This trading volume was above the year-to-date (YTD) average of $1.5 billion, indicating more digital assets bought and sold within these investment products last week.

Bitcoin saw some juice

According to CoinShares,

“Bitcoin continued to be the primary focus of investors.”

The king coin registered inflows totaling $123 million last week. This accounted for 98% of total premium income in that period. These inflows brought the leading coin’s YTD inflows to $158 million, with $25 billion in assets under management. According to the report,

“Bitcoin investment products are now back to net inflows year-to-date after being in a net outflow position of US$171 million just 2 weeks ago.”

On the other hand, short bitcoin investment products saw outflows of $900,000 last week, representing ten weeks of consecutive outflows. According to CoinShares, this accounted for 59% of investment product assets under management. However:

“Despite this recent bearishness for short bitcoin, it remains the second best performing asset in terms of inflows year-to-date at US$60 million.”

Source: Coinshares

ETH gained, while some alts fell

According to CoinShares, investors showed some interest in altcoins during the reporting period, with a small $2.7 million outflow into Ethereum investment products.

See also  XRP Price Drops 2% in 24 Hours: Will the $0.5 Prediction Come True?

Last week, other altcoins appeared, such as Cardano [ADA]and ripple [XRP], recorded inflows of $900,000 and $400,000 respectively. According to CoinShares,

“Multi-asset and Solana saw small outflows of US$1.8 million and US$0.8 million, respectively.”

Source: Coinshares

Regarding blockchain stocks, CoinShares found:

“Blockchain stocks saw $6.8 million inflows after 9-week outflows.”

Source link

Asset Digital FOMO Frenzy ignites Price rally report
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