Tue, June 18, 2024

Investments in Cryptos Have Halved, Was It All a Bubble?

FTX, robinhood, zksync

In its Digital Asset Fund Flows Report, released on October 24, a European cryptocurrency investment firm revealed that digital asset investment products saw cumulative outflows of $5 million over the previous week. This period started in September 2022. The most significant decline was in investment product volumes, which fell to $758M during the week. This rate is the lowest since October 2020 and much below the $7B weekly average typical last year when the crypto markets were trending upward. The study shows that while short-Bitcoin investment products had outflows of $7.1M, Bitcoin investment products witnessed slight inflows of $4.6M, representing the sixth consecutive weekly rise.

Will the Digital Currencies Bubble Burst Soon?

For the third week in a row, ether investment products had withdrawals of $2.5M, bringing the post-Merge outflow total to $11.5M, or only 0.2% of assets under management. XRP received $8M in inflows. Even while that sum looks little, it is very close to the highest since the US Securities and Exchange Commission’s legal action against Ripple started.

The net worth of Bitcoin funds has increased by $296.2M this year, while the net worth of Ether funds has decreased by $371.2M. The data suggest that during a bad market, investment managers choose Bitcoin due to its superior stability and lengthier track record. According to the statistics, the three countries that witnessed the greatest activity were Sweden, Canada, and the United States, with outflows of $4.5M, $1.9M, and $1.2M, respectively. Germany, Brazil, and Switzerland all had very small inflows.

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