Bear market sentiments begin to ‘cool off’ as Ethereum records another week of inflows
The CoinShares Weekly Report for the week of July 4 showed that the bear market sentiment is receding as Ethereum (ETH) recorded an influx for the third straight week.
According to the report, the inflow of digital asset investment products was $ 15 million, and total assets under management (AuM) recovered to $ 36.2 billion from the previous year’s lowest level.
Positive emotions back to Ethereum
Ethereum’s investment products recorded a total inflow of $ 7.6 million that week, the third consecutive week of asset inflows.
According to CoinShares, this is a “gentle recovery of emotions” for the coin, as it recorded 11 consecutive weeks of outflows.
The report continued that the new positive sentiment surrounding Ethereum may be related to the increased potential for blockchain migration to the Proof of Stakes network.
Ethereum recently completed a Seporia test net merge. This brings us closer to the mainnet merge, which is expected to occur later this year.
Multi-asset investment products were also minor, despite a consistent inflow of $ 2.2 million. All other altcoins were mostly inactive weeks.
Investors are still shorting Bitcoin.
Investors are still in a short position against Bitcoin (BTC) as Bitcoin (BTC) recorded an inflow of $ 6.3 million this week, according to a new report from CoinShares.
This is at the end of the week when Bitcoin’s short positions recorded an inflow of over $ 50 million.
Meanwhile, CoinShares said Bitcoin’s short positions are starting to “cool”. Major digital assets were trading at as high as $ 22,109.67, showing a slight recovery last week.
Bitcoin investment products recorded a slight outflow of $ 1.7 million.
US, Canadian and Swiss investors are bullish
According to investor demographics, most of the inflows came from US, Canadian and Swiss exchanges.
According to the report, France recorded an inflow of $ 100,000, while the three countries contributed $ 17.2 million to the weekly inflow.
However, outflows from Brazil, Germany and Sweden mean that total inflows did not exceed $ 14.6 million.
ProShares and 21Shares accounted for more than 80% of total inflows between service providers. ProShares currently has the highest flow ever at $ 273 million.
On the other hand, CoinShares XBT, 3iQ, and ETC were the causes of all the spills.
