On 19th June, CoinShares, a European cryptocurrency investment firm, managed to publish its Digital Asset Fund Flows Report, which revealed that the cryptocurrency investment products had experienced outflows that totaled $5.1 million the previous week.
The outflows had contributed to the continuation of a nine-week streak of outflows, which resulted in a cumulative total of $423 million. The report also noted that despite this downward moving trend, there was still a massive glimmer of hope towards the end of the week, as news had emerged that BlackRock, one of the largest asset managers in the world, had seemingly submitted an application for a Bitcoin exchange-traded product in the United States.
This development then resulted in minor inflows- however, there weren’t significant enough to offset the earlier outflows that had been observed during this particular week. As a consequence of that, the streak of outflows quietly persisted.
Crypto Investment Has Gone Down Over The Last Few Months
After examining the regional breakdown of cryptocurrency, Germany and the US both experienced minor inflows of around $3.7 million and $2.4 million respectively. The USA managed to maintain its lead in terms of total inflows yearly, which accumulated around $147 million, while Canada did struggle with the outflows that had amounted to $277 million. James Butterfill, the report author of CoinShares, added that despite the improving regulatory conditions in Hong Kong, they had not seen any measurable inflows in the ETPs year-to-date while the total assets under management had remained as low as $39 million USD.
According to CoinShares, the crash in the previous week in altcoin prices did serve as a catalyst for investors to increase their positions in various cryptocurrencies. Consequently, the inflows, which had a total of $2.4 million, could also be observed.