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Inflows Into Digital Asset Funds Recover Slightly as Demand Rises for Altcoin Products
Digital asset funds posted inflows over the past week as investors rotate into altcoin products.
Net inflows into digital asset funds totaled a relatively tepid $74 million last week after a month of volatility in cryptocurrencies sent investors off to the sidelines. The latest positive, albeit anemic, figure follows record outflows for the previous two weeks totaling $151 million.
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However, demand for altcoin investment products is picking up, suggesting investors are starting to diversify outside of bitcoin funds, according to a report published by CoinShares on Tuesday.
- “Ethereum achieved its highest market share, peaking at nearly 27% of all investment products last week,” wrote CoinShares.
- While bitcoin investment products saw minor outflows of $4 million last week, investors have rotated into proof-of-stake digital asset funds in cardano, polkadot and XRP, which remain popular with inflows.
- Overall, “the price correction had a minor impact on investment flows the previous week, but this looks to have recovered, with all product providers seeing inflows,” according to CoinShares.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
