Digital assets top $50bn despite capital outflows

Posted on

Assets under management in digital funds reach their highest level since May, despite the continued outflow of funds. Digital asset investment products reach 50 billion dollars, despite a fifth consecutive week of outflows. This is according to the latest market report from CoinShares, which looked at investments in digital asset funds. According to the report, digital asset investment products recorded a fifth week of cash outflows for a total of 11 million dollars. However, the magnitude of last week’s outflow was less than that recorded in May and June. CoinShares said: “ Following recent increases prices, total assets under management for investment products is now back at 50 billion US dollars, the highest level since the mid-May. » Total assets under management increased last week thanks to the surge in Bitcoin and Ether prices. Bitcoin is currently trading above 50 $ per corner, while that Ether broke the $3 000 mark a few days ago. Ethereum is fast becoming an investor favorite with Ether’s market share now on the rise. « Ethereum’s market share is growing again quickly and now represents 11% of investment products, against only 11% at the beginning of 2021”, adds the report . Bitcoin recorded the largest outflow amount CoinShares pointed out that the most of the outflows came from Bitcoin investment products, the main cryptocurrency suffering the most from investor decisions. “Despite the positive price development, Bitcoin continued to bear the bulk of outflows, totaling 33 million US dollars last week ,” the company reported. Ether has not experienced the same level of outflows in recent months against Bitcoin and recorded a minor inflow of $2.8 million last week. Ether isn’t the only altcoin to see inflows in the past week, with XRP, Bitcoin Cash and Cardano also seeing minor inflows over the period. Market Confidence crypto may be very high as more investment products are launched despite the current bearish sentiment. According to CoinShares, the market saw the number of funds/investment products listed hit a record high of 11 in 2021, exceeding the previous vertex of 11 in 2018. The post Digital assets exceed 50Bn$ despite capital outflows appeared first on Buy Bitcoin.

Advertisement Below