$ETH, $XRP, and $ADA Investment Products Saw Highest Inflows for Week Ending June 4

The most recent report (released on June 7) from CoinShares, Europe’s largest digital asset investment firm, although there has been a turn in investment sentiment since May, investment products for Ethereum, XRP, and Cardano are still seeing net inflows.

The report said:

Digital asset investment products saw outflows totalling US$94m last week. Sentiment last week was more mixed with only one product provider seeing significant outflows while the rest saw inflows. Despite the net outflows we believe it implies an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative.

The negative sentiment was again focussed on Bitcoin which saw outflows totalling US$141m, marking the largest single week of outflows on record. The outflows represent 8.3% of the net inflows seen this year and remain minimal on relative terms to the outflows seen in early 2018.

Ethereum continues to see inflows into investment products totalling US$33m, remaining the altcoin of choice for investors. XRP saw inflows totalling US$7m, the largest since April, while both Cardano and multi-asset products saw inflows of US$4.5m and US$2.7m respectively.

Digital asset investment product trading volumes highlight investors remain cautious in Bitcoin with weekly volumes having fallen 62% compared to last month. This has also been reflected in the broader Bitcoin ecosystem where volumes on trusted exchanges have fallen 50%.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Photo by “WorldSpectrum” via Pixabay

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