Key Points:
The total trading volume of digital asset investment products during the week amounted to $1.2 billion, which was notably lower than the weekly average for the entire year. In the previous week, the trading volume had reached $2.4 billion. Notably, Solana, Uniswap, and Polygon emerged as the top performers in terms of inflows, witnessing total inflows of $1.1 million, $0.7 million, and $0.7 million, respectively.
The recent minor outflows of $6.5 million came after four weeks of substantial inflows that had reached a cumulative $742 million. The negative sentiment primarily impacted the North American market, where outflows accounted for 99% of the total outflow amounting to $21 million. However, Switzerland and Germany showed resilience, attracting inflows of $12 million and $1.9 million, respectively.
Bitcoin continued to be a focal point for investors, as evidenced by the $13 million outflow. Moreover, short Bitcoin investment products sustained outflows for the 13th consecutive week, resulting in a total outflow of $5.5 million. Interestingly, the total assets under management (AuM) of short Bitcoin products have dwindled from their peak of representing 1.3% of total Bitcoin investment products to a mere 0.4%, the lowest level since June 2022.
On the brighter side, Ethereum displayed encouraging signs, leading the way with $6.6 million in inflows. This influx of capital suggests a potential shift in sentiment surrounding Ethereum, which has experienced a challenging year so far.
Investors also displayed increasing confidence in XRP, with inflows totaling $6.8 million over the last 11 weeks, representing 8% of AuM. This renewed interest in XRP comes both before and after the conclusion of the recent SEC lawsuit, indicating a more optimistic outlook for the digital asset.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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