Crypto asset management company CoinShares noted that the global fall in the cryptocurrency market contributed to the increase in investments in bitcoin, but did not awaken interest in the ether.
According to the weekly report CoinShares, cryptocurrency funds unexpectedly received an inflow of capital totaling $40 million. Analysts believe that the extraordinary growth in the popularity of cryptocurrencies is caused by the fall in the prices of digital assets – investors decided to take advantage of the situation and buy large amounts of cryptocurrencies.
At the same time, the inflow of funds into investment products in North America amounted to $66 million, while in Europe the outflow was $26 million. CoinShares experts note that they have not yet seen such a surge in activity in investment products trading during periods of sharp price decline. However, it is still too early to tell if this marks the end of a 4-week period of negative market sentiment.
Bitcoin received inflows totaling $45 million, which indicates an increase in positive sentiment in the BTC market. At the same time, total assets under management fell to a level similar to that observed during the lows and negative market sentiment at the beginning of the year. Bitcoin shorts posted the second largest weekly inflow ever, at $4 million.
However, the negative sentiment regarding Ethereum persists. Last week, the outflow of funds from the second cryptocurrency amounted to $12.5 million. The total outflow since the beginning of the year reached $207 million, which is 0.8% of total assets under management. According to the authors of the report, Solana was the only altcoin that had a noticeable influx of funds – last week it amounted to $1.9 million.
Perhaps investors were in a hurry to buy bitcoin. Experts from the cryptocurrency analytics company Glassnode claim that there will be an even greater drop in the first cryptocurrency, and they attribute this to the increase in the commission in the Bitcoin network.
Source: Bits
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