James Butterfill, Investment Strategist at London-based CoinShares, a digital asset manager focused on expanding access to the cryptocurrency ecosystem while serving as a “trusted partner” for its clients, notes in a blog post published on Monday (June 14) that for the week ending June 14, 2021, net outflows have “cooled off.” The company’s management is now wondering whether we’ve reached “peak bearishness” in the crypto markets.
Butterfill notes that digital asset investment products saw a second straight week of outflows totaling $21 million. This brings the aggregate weekly outflows since mid-May to $267 million, “representing 0.6% of total assets under management (AUM),” the CoinShares team noted.
Although sentiment has weakened during the past month, investors on the whole “remain committed given the magnitude of inflows seen this year which represent 13% of AUM or $5.8 billion, nearly matching the US$6.7bn for the whole of 2020,” the report from CoinShares revealed.
The report also mentioned:
“Ethereum had the largest outflows on record last week, totaling US$12.7m. Ethereum has been the stalwart relative to Bitcoin over recent months but inflows over the course of last week were mixed, implying mixed opinions amongst investors.”
The report added:
“The outflows in Bitcoin cooled last week, totalling US$10m, significantly less than the previous record week of US$141m. Trading activity in Bitcoin investment products rose by 43% compared to the previous week. XRP saw minor outflows totalling US$2.8m last week following a six-week run of inflows totalling US$21m. Other digital asset investment product saw minor inflows, notably from Cardano (US$1.7m) Stellar (US$1m).”
As covered, CoinShares (Nasdaq First North Growth Market: CS) announced Monday (June 7, 2021) that three of the firm’s recently introduced physically-backed exchange-traded products (ETPs) have now “cross-listed on Germany’s Börse Xetra exchange.”
CoinShares, which is Europe’s largest digital asset investment firm with $3.7 billion in AUM, as of May 27, 2021, recently revealed that it has made an investment in Viridi Funds (Viridi), an “emerging” fund manager.