Crypto Commodity Trading Volumes Continue to Crash During the “Doldrums” – BeInCrypto
In the third week of flat trading volumes, digital asset investment products saw just $9 million in outflows.
Continuing the trend of recent weeks, trading volumes fell to their second lowest this year at just $1 billion, about 55% below the annual average, according to the latest CoinShares. report.
Last week, inflows into crypto products amounted to just $17 million, while the previous week saw hardly any inflows, amounting to just $3 million. The report said this suggests low investor participation, adding that “the summer slump persists for now.”
The United States made the majority of releases with $10 million, while Germany and Sweden totaled $2.4 million and $2.1 million, respectively. Conversely, inflows occurred in Brazil and Switzerland for 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 around $200,000.
Continuing the reversal in sentiment, Ethereum-based products saw inflows of $3 million last week. Ethereum-based products saw a 9-week inflow streak totaling $162 million.
That was preceded by 11 consecutive weeks of releases, which amounted to $459 million in releases since the start of the year when the streak broke in mid-June. The report attributed this shift in sentiment to improved clarity regarding the merger.
Meanwhile, other altcoins have seen only unremarkable entries. Only Solana stood out, with inflows for the second consecutive week amounting to $1.4 million, while inflows for Cardano and Binance Coin reached $500,000 each.
Their largely positive streak this year, Intact Multi-Asset Investment Products saw inflows of $2.7 million. Finally, with outflows totaling $1.6 million last week, blockchain stocks saw mild negative sentiment.
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