Key Takeaways
- Digital asset investment products saw $436m inflows after a period of $1.2bn outflows.
- Bitcoin received $436m inflows, while Ethereum faced $19m outflows amid L1 profitability concerns.
Share this article
Bitcoin (BTC) funds registered $436 million in inflows last week, while Ethereum (ETH) funds bled $19 million in the same period, as reported by asset management firm CoinShares. Overall, crypto funds registered $436 million in inflows last week, recovering from $1.2 billion in outflows.
Additionally, funds with short Bitcoin positions registered $8.5 million in fleeing capital after three consecutive weeks of inflows. Notably, the positive flows to BTC-related products ended a 10-day run of outflows totaling nearly $1.2 billion, as highlighted by the report.
Ethereum hurt by concerns over profitability
On the other hand, Ethereum-related products’ shortcomings could be tied to the concerns over the mainnet profitability following the Dencun upgrade on Mar. 13 this year, which significantly reduced the transaction costs of layer-2 blockchains based on Ethereum.
As a result, the fees paid by L2 to store data on Ethereum fell up to 99.6% in 2024, as growthepie’s data reveals. Additionally, data from Token Terminal shows that Ethereum’s weekly revenue is at its lowest year-to-date level since Aug. 12, averaging $4.56 million.
Despite Ethereum’s struggle, Solana registered inflows for the fourth consecutive week, totaling $3.8 million. Multiasset-based funds also saw…
Click Here to Read the Full Original Article at Markets Archives – Crypto Briefing…
