Coinshares weekly report on digital asset investment activity once again depicts a market with little activity as investors look elsewhere to park their money.
According to the report, digital asset investment products saw outflows totaling $5 million last week in a continuation of this “apathetic period that began in September.”
The report states that investment activity of $758 million during the week is the lowest amount in several years – since October 2020. Additionally, the trading activity is far from its average of $7 billion a week, seen at the same time last year.
Bitcoin experienced minor inflows of $4.6 million for the 6th consecutive week as it failed to catch a bid, while short-Bitcoin investment products saw outflows of $7.1 million.
Ethereum saw minor outflows for the third consecutive week totaling $2.5 million, bringing outflows post the Merge to $11.5 million.
In specific markets, Sweden, Canada, and the US saw the most outflows totaling $4.5 million, $1.9 million, and $1.2 million, while Germany, Brazil, and Switzerland all saw minor inflows.
Crypto markets appear to be in a “risk-off” mode as investors attempt to discern what is coming next in regard to interest rates and other markets. A Fed pivot should help all markets move higher, but no one knows when this will take place. Additionally, some observers believe a hard landing is already baked in as the Fed has overshot, once again.
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