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.
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.
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Original Source: https://beincrypto.com/crypto-product-trading-volumes-continue-slump-during-summer-doldrums/
Author : Nicholas Pongratz