In the third week of flatlined trading volumes, digital assets investment products experienced a mere $9 million in outflows.

Continuing the trend of recent weeks, trading volumes fell to their second lowest this year at just $1 billion, some 55% lower than the yearly average, according to the latest CoinShares report. 

Last week, inflows into crypto products only amounted to $17 million, while the week prior barely saw inflows, amounting to just $3 million. The report says this suggests low participation from investors, adding that “the summer doldrums persist for now.”

The United States carried the majority of outflows with $10 million, while Germany and Sweden totaled $2.4 million and $2.1 million, respectively. Conversely, inflows occurred in both Brazil and Switzerland to the sum of $2.5 million and $1.9 million respectively.

Bitcoin-based investment products continue to bear the brunt of mild negative sentiment, with a third consecutive week of outflows amounting to $15 million. On the other hand, short-Bitcoin products saw very minor inflows rounding out to about $200,000.

/Related

MORE ARTICLES
Avalanche (AVAX) Price Is Edging Closer to a Bullish Breakout
MarketsTechnical Analysis

Avalanche (AVAX) Price Is Edging Closer to a Bullish Breakout

Jan 04, 2023 2 hours ago
JP Morgan Still Dabbling in Crypto, but Is the Bank Serious About Adoption?
MarketsFeature

JP Morgan Still Dabbling in Crypto, but Is the Bank Serious About Adoption?

Jan 04, 2023 2 hours ago
Crypto.com (CRO) Price May Dip Further in Search of Support
MarketsTechnical Analysis

Crypto.com (CRO) Price May Dip Further in Search of Support

Jan 04, 2023 3 hours ago
Bitcoin Will Reach $33,000 in April 2023 – Cycle Analysis
MarketsAnalysis

Bitcoin Will Reach $33,000 in April 2023 – Cycle Analysis

Jan 04, 2023 3 hours ago
What Bear Market? Web3 Investments Soared in 2022, up $4.5B on Previous Year
MarketsFeature

What Bear Market? Web3 Investments Soared in 2022, up $4.5B on Previous Year

Jan 04, 2023 4 hours ago
Crypto Tax Pushes Indian Users to Switch to Foreign Exchanges; Government Revenue Hurt
MarketsNews Report

Crypto Tax Pushes Indian Users to Switch to Foreign Exchanges; Government Revenue Hurt

Jan 04, 2023 6 hours ago

Continuing with the turnaround in sentiment, Ethereum-based products saw inflows of $3 million last week. Ethereum-based products have seen a 9-week run of inflows totaling $162 million. 

This had been preceded by 11 consecutive weeks of outflows, which had amounted to $459 million in year-to-date outflows when the streak broke in mid-June. The report attributed this change in sentiment to the improving clarity regarding the Merge. 

Meanwhile, other altcoins experienced only unremarkable inflows. Only Solana stood out, with inflows for the second week in a row amounting to $1.4 million, while inflows for both Cardano and Binance Coin reached $500,000 each. 

Their largely positive streak this year intact, multi-asset investment products saw $2.7 million in inflows. Finally, with outflows totaling $1.6 million last week, blockchain equities experienced mild negative sentiment.