products, money is flowing into Ethereum and altcoin products.
Institutional crypto products have seen their fifth consecutive week of outflows despite the bullish momentum in the markets.
In its August 9 Digital Asset Fund Flows Weekly report,
institutional asset manager CoinShares estimated that outflows totaled
$26 million for the week. However, the report notes that outflows have
shrunk compared to during May and June, when outflows surged to a record $141 million per week.
Despite BTC gaining 17.5% over the past week, Bitcoin funds shed $33 million this past week.
CoinShares’
own BTC product was the biggest loser for the period with an outflow of
$63.3 million while the world’s largest crypto asset manager,
Grayscale, remained flat. According to Grayscale’s latest update on
August 10, the combined value of assets managed by its funds has climbed
back above $40 billion for the first time since mid-May.
However, Ethereum-based investment products
saw inflows of $2.8 million for the week as Ether rallied after last
week’s successful London upgrades. Ether products now represent 26% of
capital invested into institutional crypto products.
There were
minor inflows for some altcoin funds, including XRP, Bitcoin Cash,
Cardano, and multi-asset funds — each of which saw inflows of between
$1.1 million and $800k.
CoinShares also noted that 2021 has
already seen a record 37 new crypto funds launched so far, beating out
the 30 cryptocurrency funds that were launched during 2018:
“We
have seen the number of funds/investment products listed accelerate
recently with a record 37 launched this year compared to the previous
high of 30 seen in 2018.”
Following the recent market momentum,
the combined assets under management (AUM) of all institutional crypto
products have surpassed $50 billion — its highest level since mid-May.
Related: Institutions continue offloading BTC exposure despite price rebound
CoinShares has also published
its financials for the first half of 2021, revealing a total income of
$81.2 million. As such, CoinShares has earned triple what it did during
the entirety of 2020 during the first half of this year.
As of June 30, 2021, CoinShares’ total AUM was $3 billion, up 27.6% compared to the end of December 2020.
source link: https://cointelegraph.com/news/bitcoin-investment-products-still-suffering-outflows-despite-price-recovery
