Digital asset investment products saw inflows totaling $42 million last week, signaling another week of improved sentiment among investors. This marks the fifth consecutive week of inflows.
“This improved sentiment could be a seasonal phenomenon, but we are not seeing a commensurate rise in volumes in investment products,” said a CoinShares report published Monday. “This suggests that some investors are taking advantage of recent price weaknesses and the continued rise in alt-coin popularity,” added the report.
Solana, which suffered a network outage that lasted nearly 20 hours last week, saw inflows of $4.8 million. Ethereum and multi-asset investment products saw inflows of $6.6 million and $3.7 million, respectively.
“This suggests investors were happy to shrug off the attack, seeing it as teething problems rather than something more inherent with the network,” said the report.
Despite inflows of $15 million over the last week, the world’s largest cryptocurrency has suffered the most from negative investor sentiment, with inflows in only three of the last 16 weeks.
Over the course of this year, bitcoin’s total market share of assets under management (AUM) has fallen from 81% in January to 67% on Monday.
Bitcoin is down 8% on the day, and is decisively below its 50-day moving average. At press time, bitcoin was trading at $43,784.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.