2 min readThe materials on this website or any third-party websites accessed herein are not associated with and have not been reviewed or approved by: (i) Valkyrie Funds LLC dba CoinShares, its products, or the distributor of its products, or (ii) CoinShares Co., its products, or the marketing agent of its products.
Minor outflows as weak payrolls did not seem to bolster sentiment
Digital asset investment products shed US$352m last week, with trading volumes down 27%, though YTD inflows remain strong at US$35.2bn.
The US recorded US$440m in outflows, while Germany (+US$85.1m) and Hong Kong (+US$8.1m) saw inflows.
Bitcoin drew US$524m inflows, offset by heavy Ethereum outflows (US$912m); meanwhile, Solana marked its 21st straight week of inflows (US$1.16bn YTD) and XRP hit US$1.22bn YTD.
Digital asset investment products saw outflows totalling US$352m last week despite the weaker payroll figures and improving prospects for a September interest rate cut in the US. Trading volumes fell 27% week on week, this in combination with minor outflows suggests the appetite for digital asset has cooled a little. Regardless, year-to-date (YTD) inflows of US$35.2bn, on an annualised basis are 4.2% ahead of last year’s US$48.5bn inflows, suggesting in a broader sense, sentiment remains intact.
Regionally, sentiment was polarised, with the US seeing US$440m of outflows, while Germany and Hong Kong saw inflows of US$85.1m and US$8.1m respectively.
Despite the overall weaker sentiment and minor outflows in the latter half of the week, Bitcoin saw US$524m inflows on a net basis last week.
Ethereum was primarily responsible for the net weekly outflows, seeing US$912m last week, with outflows every day for the last 7 trading days, and across a broad set of ETP issuers. Despite this, inflows remain at high at US$11.2bn for the year.
XRP and Solana continue to see steady weekly inflows. Solana is now on its 21st week of inflows totalling US$1.16bn, while XRP has seen US$1.22bn over the same time period.
