Cryptocurrencies post 5th straight week of inflows -CoinShares

NEW YORK : Cryptocurrency investment products and funds saw inflows for a fifth consecutive week as market sentiment on the sector continued to improve, data from digital asset manager CoinShares showed on Monday.

Crypto inflows amounted to US$41.6 million for the week ended Sept. 17, with bitcoin getting the bulk of inflows at US$15.3 million, and ether products garnering US$6.6 million. The data showed that inflows were seen across the board."This improved sentiment could be a seasonal phenomenon, but we are not seeing a commensurate rise in volumes in investment products," said James Butterfill, investment strategist, at CoinShares.

"This suggests that some investors are taking advantage of recent price weakness and the continued rise in alt-coin popularity," he added. Bitcoin has suffered the most from negative investor sentiment with inflows in only three of the last 16 weeks, the report said. Over the course of this year, its total market share of assets under management has fallen from 81per cent in January to just 67per cent as of last Friday, it added.Blockchain data provider Glassnode, in its latest note on Monday, acknowledged the current macroeconomic backdrop that featured growing uncertainties in Chinese credit markets.

Grayscale is still the largest crypto asset manager, with US$43.2 billion in AUM, up from about US$28.5 billion around mid- to early August.Source: Reuters

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