According to a latest report by CoinShares: Digital Asset Fund Flows Volume 153, the sentiment in the crypto market appears to be improving, with third consecutive week of inflows. The report notes that digital asset investment products witnessed an inflow of US$15 million last week despite trading volumes being 27% below the 2023 average.
Bitcoin led the charge, receiving inflows of US$16 million and pushing the year-to-date total to a robust US$260 million. Short-bitcoin also drew inflows amounting to US$1.7 million.
Unfortunately, the market didn't favor altcoins as much, with Tezos, Litecoin, and Chainlink experiencing outflows of US$0.25m, US$0.28m and US$0.31m respectively. XRP managed to buck this trend, recording modest inflows of US$0.42 million, marking 25th consecutive week of inflows for the cryptocurrency.
Notably, regional disparities were observed, with minimal inflows into the US and net inflows totaling US$7m in Europe. Sweden was the sole country to report outflows.
Interestingly, despite the recent launch of a futures-based Ethereum ETF, there was little enthusiasm among investors. Ethereum experienced US$7.5 million in outflows last week, essentially erasing the gains from the previous week. This may be indicative of ongoing concerns regarding the cryptocurrency's protocol design.
