Ethereum’s Shanghai and Capella updates boosted investor sentiment, leading to $17 million inflows into ETH-based investment products during the week of April 17-23, according to a report. Report CoinShares are weekly.
Despite strong growth in ETH-based products, the overall crypto investment vehicle market recorded a $30 million loss last week.
Weekly Cash Flow of Crypto Investment Products | Source: CoinShares
This week saw negative cryptocurrency inflows for the first time in five weeks. The report noted that inflows started to increase in the previous week, April 14, when the price of Bitcoin (BTC) breached the $30,000 mark.
Ethereum’s Shapella upgrade also happened the same week, prompting investors to bet on BTC during the week of April 10. Considering that midweek outflows tend to increase, it suggests investors want to take profits.
Encrypted asset net cash flow
The outflow occurred on April 14 and continued through the week of April 17. However, as the report noted, profit-taking was limited to Bitcoin, with an outflow of $53.1 million.
Crypto Asset Cash Flow | Source: CoinShares
XRP was the only asset to see outflows besides Bitcoin, which lost $400,000 this week.
ETH led the inflows with $16.8 million. Products Short-BTC, Litecoin (LTC) and Solana (SOL) also recorded inflows of $1.5 million, $200,000, and $0.7 million, respectively.
Cash flow of encrypted assets by country
By region, North America led the BTC sell-off. It was followed by Canada, the United States and Sweden with outflows of $32 million, $21.9 million and $7 million, respectively.
Crypto asset flows by country | Source: CoinShares
Meanwhile, Germany added $28.7 million to the market and was the leading country in terms of capital flows. Brazil and Switzerland also recorded inflows of $1.3 million and $0.6 million, respectively.
Sorted by provider, ProShares had the highest outflow at $23.4 million. Meanwhile, 3iQ and CoinShares XBT recorded $20.9 million and $7 million, respectively.
CoinShares Physical saw an inflow of $15.7 million. 21 Shares and Purpose also recorded inflows of $2.3 million and $0.9 million, respectively.
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According to CryptoSlate