The second largest cryptocurrency making a new wave in the space in inflows, Ethereum and its related products posted massive inflows for the second week in a row. CoinShares Weekly Money Flow Report data indicated a total inflow of $5.6 million into Ethereum and related products.
Total investment product data for digital assets amounted to about $10.3 million in inflows last week. In addition, the Report He noted that this is the third consecutive week of virtual asset flows. However, investors are still hesitant about the low flows.
The trading volumes last week on investment products amounted to 886 million dollars. This is the lowest value recorded since October 2020.
For Bitcoin, it was a case of recording its third week of slight inflows of about $7.7 million. In addition, the primary crypto asset had a short inflow of around $2.1 million last week.
Other cryptocurrencies that recorded outflows for the past week
Altcoins, with the exception of Ethereum, had negative trends with outflows for the past week. They recorded a total inflow of about $3.5 million. Most of the assets with the highest outflows include Cardano, Avalanche, and Polygon. Its outflows were $0.5 million, $0.8 million, and $0.9 million, respectively.
Last week, XRP and Cardano products recorded their first outflows of $300,000 and $500,000 since August. The values are high compared to previous streams. Both symbols have recently faced a sharp drop in their values, which has led to more fear in the minds of investors and traders.
Some areas recorded slight inflows during the past week. With the exception of Sweden, which had an inflow of $16 million, most European countries experienced outflows. Germany also witnessed outflows amounting to about 9.1 million dollars. But the United States indicated a cumulative outflow of about $7.7 million.
The statistical data of the monthly flow of digital asset investment products is about 42.6 million dollars. Cumulative annual inflows are $448 million.
Ethereum integration and Ethereum outflows
There have been some outflows of ETH-related products from the lead-up to the September 15 integration of Ethereum. This is due to the split in feelings about inclusion. While some believed that the move to PoS would cause the price of Ethereum and its derivatives to rise, some had the opposite opinion.
Hence, some investors scrambled to sell their holdings prior to the merger which increased the network’s outflows during the period. But some decided to stick with the transition while keeping their holdings intact. They have chosen to share their ether.
After the consolidation event is completed, the demand for Ethereum related products will gradually rise. This has resulted in product inflows over the past two weeks.
Featured image from Pixabay, Chart: TradingView.com