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 (October 4) that for the week ending October 1, 2021, there’s been growing “investor confidence” in digital assets with inflows of $90 million.
The report from CoinShares further noted that digital asset investment products “saw inflows of $90 million last week, marking the 7th consecutive week of inflows totaling $411 million.”
The report added that Bitcoin saw inflows of $69 million this past week. The CoinShares team also mentioned that they believe this decisive turnaround in sentiment “is due to growing confidence in the asset class amongst investors.”
They further noted that Ethereum (ETH) “saw another week of inflows totaling $20 million although it has conceded market share to Bitcoin in recent weeks, having fallen from a peak of 28% to 25%.”
As noted in the report:
“Despite improving inflows across investment products, volumes remain low at $2.4 billion last week, compared to $8.4 billion in May 2021.”
The report added that crypto-asset investment products “saw inflows of $70 million last week, marking the 7th consecutive week of inflows totaling US$390 million.” It also mentioned that Bitcoin saw inflows of $48 million last week.
The report also noted:
“Having suffered the longest run of outflows on record, Bitcoin has now seen its 3rd week of inflows totaling US$115m. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class amongst investors and more accommodative statements from the US Securities Exchange Commission and the Federal Reserve.”
The report added that Ethereum saw “another week of inflows totaling $20 million although it has conceded market share to Bitcoin in recent weeks, having fallen from a peak of 28% to 25%.”
It was “a mixed week for other altcoins, with Polkadot, Tezos and Binance seeing minor outflows totaling US$0.8 million each,” the report noted while adding that Cardano (ADA) and Solana (SOL) saw “minor inflows totaling $1.1 million and $0.7 million respectively.”
Despite improving inflows across investment products, “volumes remain low at US$2.4bn last week, compared to $8.4 billion in May 2021,” the report noted.
