CoinShares says investment in Ethereum-linked products rebounds after hard fork
Ethereum-linked digital asset investment products saw inflows of around US$17 million in the week ending April 21, up from US$300,000 in the previous week, appearing to show investor confidence following the blockchain’s milestone upgrade on April 12, according to a report from European cryptocurrency investment firm CoinShares.
See related article: Memecoin PEPE falls 18% at start of trading week
Fast facts
- However, total investments in digital asset products saw outflows of around US$30 million last week, ending a six-week run of inflows, the report said. Bitcoin had seen inflows of US$310 million in the prior four weeks but last week saw outflows of US$53 million.
- “The outflows began the prior Friday [April 14] when Bitcoin reached the very psychological level of US$30,000, suggesting the most recent sell-off was a result of profit-taking, particularly in the absence of any macro-economic triggers,” the CoinShares report says.
- Developers of the Ethereum blockchain on April 12 updated the network with new features including allowing the withdrawal of staked Ether. Such tokens were deposited to support the operations of the Ethereum blockchain, the world’s second-biggest, in return for a passive income, usually in the form of more tokens.
- As of 11 a.m. on Tuesday in Hong Kong, around 1.66 million staked Ether (US$3.04 billion) have been withdrawn since the April 12 upgrade, with another 1.07 million Ether deposited for staking, according to data from Token Unlocks. About 616,500 Ether are awaiting withdrawal.
- Ether dipped 1.76% in the past 24 hours to trade at US$1,834, and lost 11.93% in the past seven days, according to data from CoinMarketCap. Bitcoin fell 1.22% in the last 24 hours to change hands at US$27,399, logging a 7.06% weekly drop.
See related article: Bitcoin loses ground, Ether dips even as inflows rise; Litecoin edges up, with halving cited
