1 min read.Updated: 10 Aug 2021, 01:43 PM ISTLivemint
Ethereum market share is again rapidly rising and now represents 26% of investment products, compared to just 11% at the beginning of 2021. Despite the positive price movements, bitcoin continued to bear the brunt of the outflows, totalling $33 million last week
NEW DELHI: Total assets under management (AUM) of global digital assets hit the $50 billion level last week, the highest since mid-May, as crypto prices made a sharp recovery. However, despite bullish moves, crypto digital assets logged a fifth straight week of outflows totalling $26 million, according to digital asset manager CoinShares.
However, the magnitude of the outflows was much less than that of May and June.
“Ethereum market share is again rapidly rising and now represents 26% of investment products, compared to just 11% at the beginning of 2021. Despite the positive price movements, bitcoin continued to bear the brunt of the outflows, totalling $33 million last week," CoinShares said in a note.
Ethereum saw minor inflows, totalling $2.8 million last week, it has not seen the same level of outflows over the last few months relative to bitcoin.
Other altcoins all saw minor inflows, such as XRP, bitcoin cash, cardano and multi-asset, which saw inflows of $1.1 million, $1 million, $0.8 million and $0.8 million, respectively.
Multi-asset investment products comprise bitcoin, ether and other digital assets.
“We have seen the number of funds/investment products listed accelerate recently with a record 37 launched this year compared to the previous high of 30 seen in 2018. The majority of these have been in actively managed funds, although their market share remains very small at 2.5% relative to passive investment products," the note added.
Meanwhile, US-based Grayscale Investments LLC remained the biggest digital asset manager in the world with assets under management (AUM) at $37.1 billion, followed by CoinShares at $3.62 billion.