Major digital asset funds have seen capital outflows for the ninth week in a row, according to asset manager CoinShares.
On June 19, CoinShares released its weekly asset flows report, and the news is still grim from an institutional investment standpoint. This ninth week of outflows adds to the run, which now totals $423 million.
On the bright side, outflows had slowed to just $5.1 million for the week, down from $88 million for the previous one.
The continued outflows have occurred despite some rare positive news for the industry last week in BlackRock’s spot Bitcoin ETF application.
“The end of the week saw minor inflows following the news that one of the world’s largest asset managers has applied for Bitcoin ETP in the US,” noted CoinShares.
BTC funds saw minor outflows of just $500,000 with the majority departing from Ethereum-based funds which lost $5 million.
The firm noted that last week’s altcoin slump prompted investors to add $2.4 million to altcoin-based funds.
“The prior week’s crash in altcoin prices prompted investors to add to positions, with inflows totalling US$2.4m.”
Ripple (XRP), Cardano (ADA), and Polygon (MATIC) were the focus, seeing inflows of $1 million, $6000,000, and $200,000, respectively.
The United States and Germany saw minor inflows of just over $6 million between them, while most of the outflows were from the rest of Europe.
The report also noted that, despite improving regulatory conditions in Hong Kong, “we have not seen any measurable inflows into ETPs year.” Furthermore, total assets under management remain low at $39 million, it added.
Crypto markets are up marginally during the Tuesday morning Asian trading session. As a result, total capitalization has gained 1.2% to reach $1.11 trillion at the time of writing. Markets are up 5.4% from last week’s slump to just over one trillion.
Bitcoin has gained 1.8% on the day to trade at $26,907 at the time of writing, according to CoinGecko. The asset has gained 3.6% since this time last week but remains within its range-bound channel as volumes and volatility remain low. However, BTC’s market dominance has increased to a 2-year high.
Ethereum prices are unmoved on the day and remain at $1,736, the same level as it was this time last week.