Investors flock to Bitcoin as Ethereum records 9 consecutive weeks of outflow

Digital assets concern products saw $100 cardinal successful inflows during the week of May 30 arsenic investors pumped wealth into Bitcoin, according to the latest CoinShares report.

The inflows correspond a tiny motion of betterment arsenic the marketplace has present witnessed 2 consecutive weeks of inflows. The full worth of assets nether absorption (AuM) has risen to $39.78 billion.

Bitcoin inflow tops $100 million

According to the report, Bitcoin dominated the inflow arsenic it saw a full influx of $126 cardinal during the week nether review. The coin has been struggling to support its $30,000 level successful the existent bearish marketplace and tin beryllium seen successful Short Bitcoin inflows for the week astatine $1.3 million. 

Inflows into Short Bitcoin positions connected the year-to-date (YTD) metric correspond 30% of its $55 cardinal AuM, indicating beardown bearish sentiment prevalent this year.

Overall, BTC’s full inflow connected the YTD metric conscionable crossed the $500 cardinal mark.

Nine consecutive weeks of outflows for Ethereum

Per CoinShares, Ethereum’s outflow during the week of May 30 was $32 million. The starring blockchain web has recorded outflows consecutively for the past 9 weeks — different denotation of the antagonistic sentiments successful the market.

However, contempt a YTD outflow of $357.4 million, the outflows lone relationship for little than 7% of ETH’s assets nether management.

While altcoins didn’t person overmuch luck with inflows, multi-asset concern products continued their affirmative tally of consecutive flows. It saw inflows totaling $4.3 million, bringing its YTD inflow to $201.3 million.

Purpose ETF dominates inflows for concern providers

Purpose ETF remains the large contributor to the inflow among organization integer plus concern work providers, with astir $113.1 cardinal successful inflows. 

Other providers similar ProShares, 21Shares, ETC Group besides saw important inflows. Even Grayscale, which has been mostly static since the twelvemonth started, had $0.2 cardinal successful inflows.

However, 3iQ and CoinShares XBT recorded $72.4 cardinal and $12 cardinal successful outflows.

Meanwhile, investors successful the Americas proceed to predominate their European counterparts. CoinShares revealed that America had had inflows of $570 cardinal connected the YTD metric portion those successful Europe person recorded an outflow of $41 million.

The station Investors flock to Bitcoin arsenic Ethereum records 9 consecutive weeks of outflow appeared archetypal connected CryptoSlate.