Digital asset manager CoinShares says investors are pouring millions of dollars into Ethereum (ETH), XRP, Cardano (ADA) and other crypto assets.
In a week report On June 6th, CoinShares, where investor money flows, shows that Ethereum (ETH) is the altcoin of choice for buyers, generating inflows of $ 33 million.
“Over the past week, digital asset investment products have seen outflows totaling $ 94 million. Despite the net outflows, we believe this marks an early turnaround in sentiment since May when most product vendors saw net outflows and sentiment was broadly negative.
Ethereum continues to see inflows into investment products totaling $ 33 million, making it the altcoin of choice for investors. “
Along with Ethereum, XRP, Cardano, and multi-asset products are the most popular investments, attracting inflows of $ 7 million, $ 4.5 million and $ 2.7 million, respectively.
The report also shows that the strong negative sentiment is centered on Bitcoin as it recorded outflows of $ 141 million, the largest single week of outflows on record. The data suggests that investors remain cautious after Bitcoin’s recent collapse from its all-time high of $ 63,500 to $ 30,000.
“The trading volume of investment products for digital assets shows that investors remain cautious on Bitcoin as the weekly volume is down 62% compared to the previous month. This is also reflected in the broader Bitcoin ecosystem, where the volume of trusted exchanges has dropped by 50%. “
Bitcoin remains the largest CoinShares holdings with over $ 30 billion in assets under management, followed by Ethereum with $ 12.32 billion.
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Featured image: Shutterstock / Tithi Luadthong