Investors showed skepticism weeks leading to the anticipated ETH merge, with most players doubting the network’s success in migrating into a PoS mechanism. That had the leading altcoin recording increased outflows.
Following the September 15 merge, Coinshares’ latest Digital Asses Weekly Fund Flows edition indicated that investors stayed cautious as ETH hit the 4th week of outflows, totaling $15 million. Total Ethereum outflows within the previous month hovered at $80M.
Crypto investment products recorded inflows worth $7 million last week. The slight investment activity over the previous activity emerged from an absence of engagement among market players, according to CoinShares.
That emerged as the broad crypto market declined, following overall financial space deterioration amidst surging inflation and living cost crisis. The report added that the negative and positive flows by assets and providers within the previous week had the AuM (assets under management) value plunging by 11% over the past seven days.
King Token and Serfs
Bitcoin eventually recorded $17 million in inflows last week, breaking the five-week spree of outflows that summed at $93 million. The recorded inflows pushed BTC’s YTD (year-to-date) flows to $259.2 million, representing a 3% increase from the $251.7 million YTD index last week. Meanwhile, short-BTC recorded inflows worth $2.6 million over the previous week.
That had its total asset under management closing on $169 million, a record peak according to CoinShares. On other asset classes, CoinShares stated that multi-asset products stay steadfast amidst the ongoing bearish phase, recording outflows in only a few weeks in 2022. YTD inflows total $224 million, almost matching BTC’s inflows, suggesting market players are looking for safety in numbers.
Regionally, most inflows came from Europe and North America, with Germany and the United States inflows totaling $11 million and $14 million, respectively. Meanwhile, Canada and Sweden had outflows of $4.2 million and $16 million, respectively. That had the region’s YTD flow totaling $414 million.
While publishing this post, Ethereum changed hands at $1,329.53, dropping 2.04% within the past 24 hours. Also, Bitcoin declined over the last day, dropping 2.26% to $18,903.28. The upcoming market trajectory remains bearish.