$2.8 billion traded in Digital Asset ETPs this week as outflows slow $2.8 billion traded in Digital Asset ETPs this week as outflows slow
Minor crypto market cooldown countered by robust Bitcoin inflows, trading volume surge.
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Updated: Sep. 4, 2023 at 12:48 pm UTC
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The digital asset market has experienced a minor cooling-off phase, with outflows totaling roughly US$11.2 million over the week, according to recent data by digital asset firm CoinShares. Despite this streak of negative sentiment, Bitcoin emerged as a beacon with inflows totaling US$3.8 million.
CoinShares’ Digital Asset Fund Flows Weekly report also displayed a notable increase in trading volumes despite the limited activity in terms of flows, with volumes rising to US$2.8 billion for the week, marking a 90% increase from the year-to-date average.
Altcoins, however, experienced outflows, with Polygon and Ethereum seeing a decrease of US$8.6 million and US$3.2 million, respectively. Solana, bucking the altcoin trend, witnessed inflows for the ninth consecutive week, totaling US$0.7 million.
Short Bitcoin positions, on the other hand, saw consistent outflows for the 19th consecutive week, totaling US$3.8 million. The total assets under management for short Bitcoin have fallen 48% from this year’s peak.
The fluctuating sentiment in the digital asset market comes amid concerns and hopes about regulations on digital assets. Last week, hopes for spot exchange-traded fund (ETF) approval in the United States were complicated following a delay in the decision for all spot ETF applications and Grayscale’s win over the SEC.
Despite the lingering negative sentiment, the digital asset investment products sector remains in a net inflow position for the year-to-date, recording a total of US$165 million.
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Liam 'Akiba' Wright
Also known as "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$2,944.44
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$132.419
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
