Although there has been a shift in investor attitude since May, investment products for Ethereum, XRP, and Cardano are still enjoying net inflows, according to the most recent report (published on June 7) from CoinShares, Europe's largest digital asset investment provider.
According to the report:
“Last week, withdrawals from digital asset investment products totaled US$94 million. Last week, sentiment was more divided, with only one product provider seeing major outflows and the others seeing inflows. Despite the net outflows, we believe this signals an early reversal in mood since May, when most product providers had net outflows and sentiment was generally negative.
“The bearish attitude was once again concentrated on Bitcoin, which had withdrawals of US$141 million, the highest single week of outflows ever recorded. The outflows account for 8.3% of the net inflows this year and are small in comparison to the outflows witnessed in early 2018.
“Ethereum continues to attract US$33 million in investment product inflows, indicating that it is still the cryptocurrency of choice for investors. Inflows to XRP were US$7 million, the most since April, while Cardano and multi-asset products received US$4.5 million and US$2.7 million, respectively.
“Trading levels in digital asset investment products show that investors are still wary of Bitcoin, with weekly volumes down 62 percent from last month. This has been echoed in the larger Bitcoin ecosystem, with volumes on trustworthy exchanges dropping by half.“
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