Digital assets such as Bitcoin, Ethereum, Binance, Solana, and other folks saw inflows worth $95 million last week, taking the total inflows more than the previous six weeks to $320 million. This recommended that the current headwinds for digital assets such as China’s ban on cryptocurrencies had been seen as acquiring possibilities by investors, digital asset management firm CoinShares mentioned in its weekly report on digital asset fund flows.
China’s central bank People’s Bank of China in a statement on September 15 (and posted on the internet last week) had announced a ban on all crypto transactions in China, successfully banning cryptos such as Bitcoin. As a outcome, several cryptocurrencies saw a decline in their costs such as Bitcoin.
Perhaps as a outcome, “Bitcoin saw the largest inflows of any investment product, totalling $50 million, although, it has experienced the brunt of negative investor sentiment over the last two quarters,” the report noted. Ethereum followed Bitcoin with inflows totalling $29 million last week. “Sentiment has remained relatively buoyant for Ethereum as the amount staked to Eth2.0 progresses. By our estimates, 6.6% of Ethereum is staked to Eth2.0, with growth in staking essential for investor sentiment, as investors see it as a potential environmentally alternative to other proof-of-stake digital assets.” Coinshares noted.
Also study: Bitcoin’s dominance in worldwide crypto market place contracts share in total crypto mcap down by 41% this year
In terms of assets below management (AuM), each Solana and Polkadot continued witnessing outsized inflows worth $3.9 million and $2.4 million, creating up for 4.5 per cent and 3.2 per cent of AuM respectively. Bitcoin and Ethereum had the biggest shares worth $35,584 million and $12,987 million respectively in the total AuM worth $52,646 million of all digital assets.
In the preceding week, Etherum competitor Solana was the favourite digital asset amongst investors globally. The cryptocurrency attracted $49.4 million – 86.4 per cent of total inflows worth $57.2 million through the week into unique digital assets. The weekly report by CoinShares summarises investment inflows and outflows in well known ETPs, mutual funds, and OTC trusts referencing Bitcoin, Ether, and other digital assets.
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