Digital Asset Investment Products See Outflows Of $63M Last Week
Digital asset investment products saw outflows of $63 million last week, marking a fifth consecutive week of outflows, CoinShares said in a weekly report on Monday.
Outflows remain "relatively small in size", totalling $99 million over the past 5 weeks, CoinShares said. Volumes remain at only 46% of this year's average, at $1 billion for the week.
Ethereum was the main focus this week, with $62 million in outflows, ahead of the Merge.
"This comes despite the improved certainty of the Merge and perhaps highlights a concern amongst investors that the event might not go as planned," CoinShares said.
The Merge is an upgrade to the Ethereum network that will transition the blockchain's consensus mechanism from proof-of-work to proof-of-stake.
According to the report, Bitcoin saw a fifth consecutive week of outflows totalling $13 million, while short bitcoin investment products saw inflows totalling $11 million.
Altcoins saw inflows totalling $1 million, the report said, noting they were mostly from Polygon and Cardano, with $0.4 million each.
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