BTC products up, Ethereum down : CoinShares

According to the latest weekly report from CoinShares, Bitcoin continues its rise with inflows from 104 million dollars. In contrast, the ETH investment products do not not a full house despite the effect Shapella.

With Bitcoin on the rise in recent weeks, the investment products in the digital assets continue to return to growth. For the fourth week in a row, they show a positive balance.

Cumulatively, capital inflows reached 345 million dollars. And as is often the case, the driving force behind this recovery is Bitcoin, or even exclusively Bitcoin. The previous week was no exception.

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Back to a near-zero capital balance

In fact, over the period, inflows amounted to 114 million dollarsaccording to CoinShares. BTC alone accounted for $104 million. The cryptocurrency “has once again been almost the sole focus of investors.”

These four successive weeks of gains have all but wiped out the capital outflows, or outflows, of the previous six weeks. During this period, the cumulative outflows amounted to $408 million.

However, not all indicators are yet green in the markets for digital assets and related investment products. For example, the improvement in recent weeks “comes at a time when volumes in the bitcoin market are very low.

Very low volumes in the Bitcoin market

Indeed, these volumes are on average just 5.6 billion dollars per day. Over a full year, CoinShares estimates an average of $12 billion. It thus confirms a previous observation made by Kaiko.

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The market data expert suggested a few weeks earlier that the price increase was primarily driven by the low liquidity on the markets. “We are currently at our lowest level of liquidity in the BTC markets in 10 months,” Kaiko noted.

On the Ethereum side, the trend is reportedly similar. The price of the native Ethereum token recently benefited from the Shapella effect and surpassed $2,000.

No Shapella effect for the zinzins

The update, however, had less impact with more institutional investments last week. ETH products recorded an inflow of just $0.3 million. On the altcoin side, activity was also reduced.

Polygon is the only exception with $2.1 million in outflows last week. Investors are showing more sensitivity to other products. The blockchain stocks recorded inflows of $5.8 million.

Recent price appreciation has brought total assets under management to $1.9 billion, the highest since October 2022, pre-FTX,” CoinShares analyzes.

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